Entry Details

About the Entry

Category: 
All Content > Company Profile > Heartland

Title of entry: 
Lordstown Motors

Issue or Publication date:
06/30/2023

Publication name: 
Automotive News

Publishing/parent company: 
Crain Communications

View Website home page:
autonews.com

Description of the enterprising work that went into this entry and its significance or impact on readers:

Lordstown Motors, a nascent electric pickup truck manufacturer, was one of the investor and industry darlings that went public during the SPAC boom of 2021 and 2022 — and it was one of the first to face the music. This profile puts Lordstown’s bankruptcy filing into larger context of a hype cycle of electric vehicle startups. Here is a company that seemed to have everything: a pile of capital from its SPAC reverse merger, a fire-sale-priced auto factory from General Motors, a product favored by federal and state purchase incentives and a high-profile partner in the Apple iPhone manufacturer Foxconn. But ultimately, it was undone in by fraud allegations, leadership shake-ups, cash shortages and recalls in a yearslong game of whack-a-mole. Automotive News reporter Molly Boigon chronicles this tale in her June 30 report: “Lordstown seeks buyer amid Foxconn fiasco; no takers so far.”

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https://www.autonews.com/manufacturing/no-takers-lordstowns-bankruptcy-offering-amid-foxconn-fiasco

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