Lordstown Motors now says that it has no binding orders for EV truck

Enlarge / In June 2020, Lordstown held an hour-long election rally for the Trump campaign disguised as an event to unveil the Endurance electric pickup truck. (credit: Matthew Hatcher/Bloomberg via Getty Images)

Lordstown Motors said on Tuesday that its Endurance electric pickup truck would enter limited production later this year, with Lordstown President Rich Schmidt telling journalists that the company had "binding orders" that would fund production until May 2022.

The company provided this statement just days after it issued a "going concern" warning and a day after it parted company with its CEO and CFO. But on Thursday morning, Lordstown sent the US Securities and Exchange Commission a new Form 8-K revealing that those binding orders are nothing of the sort.

Lordstown explains in the 8-K that since March 2021, it has been working with a company called ARI Global Fleet Management, which is owned by the Holman dealership group. Fleet management companies sometimes lease vehicles to their customers, and Lordstown and ARI have been working to "co-market and co-develop business opportunities with our respective customers" with the hope that ARI would persuade some of its leasing clients to order the Endurance EV pickup truck.

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