Executives at troubled electric-truck startup Lordstown Motors Corp. said Tuesday that the company has enough interest from potential buyers to sustain factory output through the end of 2022 and remains on track to start limited production in September.
“It’s a new day at Lordstown and there are no disruptions—and will be no disruptions—to our day-to-day,” said Angela Strand, who took over Monday as the company’s executive chairwoman, after the chief executive and chief financial officer stepped down from the company. Ms. Strand and two other executives spoke at a Tuesday webinar for reporters.
The two top leaders resigned unexpectedly after a board committee found inaccuracies in the way the company discloses preorders for its forthcoming all-electric truck.
The Ohio-based startup is one of several electric-vehicle challengers to have whipsawed in a matter of months from being Wall Street darlings to the target of short sellers, financial regulators and critics questioning their longer-term viability.
Lordstown Motors’ recent troubles have also raised questions about whether some of these young startups that are hot among investors can compete in the capital-intensive business of manufacturing cars. Some have already missed targets, switched up strategies or had top executives leave—before putting out a single vehicle.
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