Lordstown Motors says it has orders for first two years of production

Local News

LORDSTOWN, Ohio (WKBN) – The president of Lordstown Motors told reporters Tuesday that the company has orders for the first two years of production.

According to Reuters, the comments were made at an Automotive Press Association event in Detroit.

Lordstown Motors President Rich Schmidt said the orders are binding and “pretty solid.”

The comments come on the heels of news last week that revealed a concern about working capital and production that were mentioned inside a Securities and Exchange filing.

In another turn of events, CEO Steve Burns and Chief Financial Officer Julio Rodriguez stepped down Monday, sending shares already down 40 percent this year tumbling 16 percent on the opening bell Monday.

Tuesday’s talk of production orders caused shares to shoot up as much as 15 percent.

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