Home » Lordstown Motors loses CEO and CFO in wake of economic report

Lordstown Motors loses CEO and CFO in wake of economic report

Lordstown Motors loses CEO and CFO in wake of financial report

Lordstown Motors

Additional bad news for lovers of electrical vehicles with hub motors. Lordstown Motors, a fledgling electrical pickup truck-maker we’ve been looking at stumble nearer to manufacturing, has declared that CEO Steve Burns and CFO Julio Rodriguez have resigned, in a improvement that could possibly help crystal clear the runway for the Ford F-150 Lightning

Steve Burns started Lordstown back again in 2018, selecting up on some prior do the job accomplished by Workhorse in the EV truck area. Final yr, the organization debuted its Endurance truck. It featured a radical design placing electric motors ideal in the wheels, freeing up space within just the chassis for extra batteries when concurrently building every single automotive engineer raise questions about too much unsprung bodyweight.

This calendar year, though, the enterprise has been dogged by pessimism. Hindenburg Research printed a report again in March, boasting the business experienced misrepresented all fashion of figures, incluing the number of preorders and the general economical well being of the firm. Past 7 days, Lordstown’s long term was referred to as even additional into doubt with the publication of an even much more damning report, which questioned whether or not the firm has the funds to make it to creation.

Nowadays arrives the news of the executive departures. Lordstown’s board thanked Steve Burns for his “enthusiasm and motivation to the firm” and mentioned “comprehensive confidence” in Angela Strand, Guide Unbiased Director who will action up to Government Chairwoman, and Becky Roof, who will provide as interim CFO.

With the EV truck wars heating up, the Rivian R1T inching closer to generation and the Ford F-150 Lightning wanting set to light up the planet following 12 months, it truly is inescapable that there will be some casualties alongside the way. Ideally Lordstown isn’t going to grow to be the initially.