Lordstown Motors warns its electric vehicle business may fail

Enlarge / This is a rendering of the Lordstown Motors Endurance, which may never be built. (credit: Lordstown Motors)

Electric vehicle startup Lordstown Motors said Tuesday it does not have enough money to start commercial production and runs the risk of failing as a business, sending its stock tumbling.

The company on Tuesday amended its annual report with the Securities and Exchange Commission to say in one year it may no longer function as a going concern."

The company said that with its current cash and cash equivalents of $587 million as of the end of the first quarter, it did not have enough funding to launch the Endurance, an electric pickup truck geared toward commercial operators.

Read 13 remaining paragraphs | Comments