, Lordstown President Rich Schmidt contradicted the company's earlier position when he told the media that preorders for the Endurance pickup truck were"binding," and were likely to cover all the vehicles the company could produce in 2021 and 2022.
"Those are firm orders we have for those two years," Schmidt said."They are basically binding orders that are committed here in the last two weeks."But in regulatory filings on Thursday, the company reversed Schmidt's public statements, saying that while the purchase agreements are an indicator of customer demand,"these agreements do not represent binding purchase orders or other firm purchase commitments.
"To date, we have engaged in limited marketing activities and we have no binding purchase orders or commitments from customers," the company said. Lordstown previously said it has more than 100,000 preorders that were worth a total of $1.4 billion, before warning that itThe company's internal investigation found on some occasions its fleet preorders were from"influencers" who"did not intend to purchase Endurance trucks directly," and that one entity"did not have the resources to complete large purchases of trucks.
Even so, the report states Lordstown still has tens of thousands of fleet preorders and other end-users that will constitute"substantially all" of the company's production through 2022.Subscribe to push notificationsSign up for the 10 Things in Tech newsletter for the latest trends & developments in tech.
These dudes can’t tell the truth.
Aaaaaaaand the stocks up 3% today lol