GM-backed startup Lordstown Motors accused of faking preorders

GM-backed startup Lordstown Motors accused of faking preorders

Image: Lordstown Motors

General Motors-backed EV startup Lordstown Motors has been accused of fabricating some of the 100,000 preorders for its forthcoming Endurance electric pickup and misleading investors, the public, and government regulators about how much progress it’s made in developing the truck.

The accusations come in a new report from short-selling firm Hindenburg Research — the same firm that published a report about hydrogen trucking startup Nikola that led to the founder resigning his position and a major restructuring of that company’s business. Hindenburg says in the report, published Friday, that it has taken an unspecified short position in Lordstown Motors, meaning it stands to make money from the startup’s stock price falling.

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March 12, 2021 at 10:46AM https://ift.tt/3bIcSqs

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