A "Green" Company Lying about Economics?

I'm shocked - Shocked! - to discover a "Green" company lying about the economics of their position. (That would be orders for its electric truck.) Lordstown Motors now says that it has no binding orders for EV truck | Ars Technica

OK, so I'm not that shocked.

Lordstown Motors said on Tuesday that its Endurance electric pickup truck would enter limited production later this year, with Lordstown President Rich Schmidt telling journalists that the company had "binding orders" that would fund production until May 2022.

The company provided this statement just days after it issued a "going concern" warning and a day after it parted company with its CEO and CFO. But on Thursday morning, Lordstown Motors sent the US Securities and Exchange Commission a new Form 8-K revealing that those binding orders are nothing of the sort.

For those of you who don't follow the market, an 8-K is form companies file with the SEC to notify the government, and investors, of significant events or changes in the business climate. The following is from the SEC's site Investor.gov.

In addition to filing annual reports on Form 10-K and quarterly reports on Form 10-Q, publicly reporting companies must report certain material corporate events on a more current basis. Form 8-K is known as a “current report” and it is the report that companies must file with the SEC to announce major events that shareholders should know about.

There is whole list of things that require a 8-K be filed, but it also includes a clause that says "anything else" of interest.

The folks at Lordstown are trying to work with companies that manage fleets to get someone to order a bunch. But with very little data aside from the range, and a rather anemic towing capacity, I personally think that will be an uphill battle. How reliable is this truck, and how hard is it to get serviced? What is the range when you are pulling something close to the rated 6000 pounds or just a few commercial mowers, gas, and crew? What happens to that range when you have a bunch of stuff in the bed of the truck?

My previous post on Lordstown Motors is at this link.