Symbol: Dustin Franz/Bloomberg (Getty Pictures)Lordstown Motors used to be based in 2018 by way of Steve Burns, the previous CEO of a small business car maker named Workhorse Workforce (WKHS), who noticed a possibility when Normal Motors had to promote its Lordstown, Ohio, production plant. The automaker started negotiating with Burns underneath force from President Trump, who promoted the deal earlier than Burns had even secured financing or named the brand new corporate. The ensuing corporate, Lordstown Motors, aimed to promote a truck armed with electrical motors on every wheel hub however by no means appeared to run out of issues.In 2021, short-seller Hindenburg Analysis accused Burns and Lordstown of exaggerating what number of orders it had won for the truck, which itself bumped into problems a myriad of problems. Right through the closing 3 months of 2022, the yr manufacturing started, simply 31 vans had been constructed. Most effective two vans had been brought to shoppers the next quarter.Lordstown filed for Bankruptcy 11 chapter coverage in June 2023 however re-emerged in March 2024 underneath a brand new title: Nu Experience Inc. and looking for “possible industry combos.” Its newest quarterly file displays $58,251 in general belongings and $15,247 in general liabilities.The one bulletins the corporate has outdoor of possession and quarterly experiences are associated with its lawsuit towards Foxconn, an organization very best identified for making Apple’s (AAPL) iPhones. Lordstown has accused Foxconn of deceptive it about plans to collaborate on a line of EVs.
Nikola filed for chapter. Meet the opposite failed EV startups
