Lordstown Motors, an Electric Truck Maker, Files for Bankruptcy
The company bought a shuttered General Motors plant in Ohio but struggled to produce its pickup truck.
Lordstown Motors Will Work With Foxconn, a Contract Manufacturer
The deal could result in the sale of the struggling automaker’s Ohio factory to Foxconn. Lordstown is under federal investigation and needs more cash to mass-produce an electric pickup truck.
Federal prosecutors are looking into Lordstown, the electric truck company.
It was not clear what issues the prosecutors, with the U.S. attorney’s office in Manhattan, are looking into.
In an about-face, Lordstown Motors says it will start production in September.
Lordstown said last week that it needed to raise more money and might not survive. Now, the company’s new executive chairwoman has said “It’s a new day at Lordstown Motors.”
Lordstown Motors’ Top Executives Resign After Board Investigation
The company’s top executive resigned after the struggling automaker released an investigation by its board.
Lordstown Motors Warns it Can’t Start Production
Lordstown Motors, which bought a shuttered General Motors factory in Ohio, warned that it needs to raise more money and might not survive.
Lordstown Motors Shares Plunge as Investors See Problems
Lordstown Motors said it would start producing and selling electric pickup trucks this year, but there is little evidence it is ready to do so. Its stock has tumbled from a high of about $30 last year to around $8.