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Interesting Car/Truck Manufacturer News
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<blockquote data-quote="Weather Man" data-source="post: 16591311" data-attributes="member: 137766"><p><a href="https://seekingalpha.com/news/3672214-lordstown-motors-slides-after-hindenburg-accuses-it-of-fake-orders" target="_blank">Lordstown Motors slides after Hindenburg accuses it of 'fake orders'</a></p><ul> <li data-xf-list-type="ul">Hindenburg Research is out with a negative report on Lordstown Motors (NASDAQ:<a href="https://seekingalpha.com/symbol/RIDE" target="_blank">RIDE</a>). A couple of snippets from the bearish view on the electric vehicle maker are posted below.</li> <li data-xf-list-type="ul">"Lordstown is an electric vehicle SPAC with no revenue and no sellable product, which we believe has misled investors on both its demand and production capabilities."</li> <li data-xf-list-type="ul">"The company has consistently pointed to its book of 100,000 pre-orders as proof of deep demand for its proposed EV truck. Our conversations with former employees, business partners and an extensive document review show that the company’s orders are largely fictitious and used as a prop to raise capital and confer legitimacy."</li> <li data-xf-list-type="ul">"For example, Lordstown recently announced a 14,000-truck deal from E Squared Energy, supposedly representing $735 million in sales. E Squared is based out of a small residential apartment in Texas that doesn't operate a vehicle fleet."</li> <li data-xf-list-type="ul">"Another 1,000-truck, $52.5 million order comes from a 2-person startup that operates out of a Regus virtual office with a mailing address at a UPS Store. We spoke with the owner who acknowledged it won’t actually order any vehicles, instead describing the 'pre-order' as a mere marketing relationship."</li> <li data-xf-list-type="ul">If Lordstown responds the report, the statement will be posted.</li> <li data-xf-list-type="ul">Shares of RIDE are down 10.44% in premarket action.</li> <li data-xf-list-type="ul">Investors have been <a href="https://seekingalpha.com/news/3669955-electric-vehicle-stocks-sell-off-to-put-investors-to-the-test" target="_blank">put to the the test with electric vehicle stocks over the last few weeks</a>.</li> </ul></blockquote><p></p>
[QUOTE="Weather Man, post: 16591311, member: 137766"] [URL='https://seekingalpha.com/news/3672214-lordstown-motors-slides-after-hindenburg-accuses-it-of-fake-orders']Lordstown Motors slides after Hindenburg accuses it of 'fake orders'[/URL] [LIST] [*]Hindenburg Research is out with a negative report on Lordstown Motors (NASDAQ:[URL='https://seekingalpha.com/symbol/RIDE']RIDE[/URL]). A couple of snippets from the bearish view on the electric vehicle maker are posted below. [*]"Lordstown is an electric vehicle SPAC with no revenue and no sellable product, which we believe has misled investors on both its demand and production capabilities." [*]"The company has consistently pointed to its book of 100,000 pre-orders as proof of deep demand for its proposed EV truck. Our conversations with former employees, business partners and an extensive document review show that the company’s orders are largely fictitious and used as a prop to raise capital and confer legitimacy." [*]"For example, Lordstown recently announced a 14,000-truck deal from E Squared Energy, supposedly representing $735 million in sales. E Squared is based out of a small residential apartment in Texas that doesn't operate a vehicle fleet." [*]"Another 1,000-truck, $52.5 million order comes from a 2-person startup that operates out of a Regus virtual office with a mailing address at a UPS Store. We spoke with the owner who acknowledged it won’t actually order any vehicles, instead describing the 'pre-order' as a mere marketing relationship." [*]If Lordstown responds the report, the statement will be posted. [*]Shares of RIDE are down 10.44% in premarket action. [*]Investors have been [URL='https://seekingalpha.com/news/3669955-electric-vehicle-stocks-sell-off-to-put-investors-to-the-test']put to the the test with electric vehicle stocks over the last few weeks[/URL]. [/LIST] [/QUOTE]
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