Tuesday, September 5, 2023

Lordstown Motors debacle: Better to lock the door and hide when Foxconn comes calling

 
Just like Scott Walker should have done.

Screenshot from 2020 video by Retiring Guy
HeadlineClayton County Register, 9/4/2023
Following the release of the Hindenburg report, Lordstown Motors’ stock price plummeted by 17%. This led to the U.S. Securities and Exchange Commission (SEC) launching an inquiry into the allegations of investor deception. 
Lordstown Motors faced further setbacks when a prototype Endurance vehicle caught fire during a test drive. The Hindenburg report revealed that company executives sold $8.8 million in stock before the incident became public knowledge. 
Despite ongoing challenges, Lordstown Motors managed to begin production of the Endurance pickup truck in the third quarter of 2022. However, the company had to issue a recall and halt production due to an electrical-connection issue in February 2023. 
In June 2023, Lordstown Motors filed for bankruptcy, citing multiple factors including contractual breaches from Foxconn Ventures. The company had amassed significant liabilities and assets and had thousands of creditors. 
Lordstown Motors serves as a cautionary tale of the risks and challenges faced by companies in the electric vehicle industry. It highlights the importance of transparent communication, financial stability, and effective leadership in order to succeed in this highly competitive market.

Other Foxconn and Foxconn/Lordstown posts:
2023
September

August

July

June

May

January

2022

2021
GET ME REWRITE: Yes, Foxconn's $100 milion pledge to UW-Madison was nothing more than a cynical election ploy by Scott Walker.  (8/11)
The mysteries of Foxconn (season 2).  (5/12)
The collapse of Donald Trump's '8th Wonder of the World'.  (4/20)

2020
GET ME REWRITE: Two gullible guys from Racine County still believe anything Foxconn tells them.  (10/23)

Keeping tabs on Foxconn Place in


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