Wednesday, 16 June 2021 20:35

Lordstown Motors Explains It Has a Lot of Real Orders Too

Written by Mark Kane, Inside EVs


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After a small earthquake at Lordstown Motors on June 14, when the CEO and CFO "resigned," the company's President Rich Schmidt said a little bit more about the demand for the Lordstown Endurance pickup.

He said at an Automotive Press Association event in Detroit there is a lot of "basically binding" orders, enough for production for 2021 and 2022.


"Currently, we have enough orders for production for '21 and '22. Those are firm orders we have for those two years," Schmidt said.


"I don't know the exact facts of the legal aspect of that, but they are basically binding orders that are committed here in the last two weeks, reconfirmed orders," he added, according to Automotive News, when asked if they were binding orders. "They're pretty solid, and I think that's on the light side or conservative side."


That throws new light on the situation with a high number of pre-orders that were considered doubtful.


The production is expected to start in September; the expected volume in 2021 is probably not too high. We guess it's maybe up to 1,000.


However, judging from the initial manufacturing capacity of up to 15,000 to 20,000 units a year, we can guess there must be at least 15,000 of those "firm orders."


It would be very positive news for Lordstown Motors if there really is 15,000 solid orders for the Endurance.


Schmidt said also the company has more than $400 million. According to Bloomberg's article, it would be enough to...

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