It’s been a tough time recently for Lordstown Motors. The Ohio-based electric truck startup was accused of misleading investors about the extent of its order books, which led to an investigation by the US Securities and Exchange Commission; this in turn led the company to issue a “going concern” warning, followed by the departure of its CEO and CFO.
But on Tuesday, a day after the executive resignations, the company stated that limited production of its Endurance work truck will begin later this year. Lordstown’s president Rich Schmidt told journalists at a press event that there were enough “binding orders” to fund this limited production until May 2022, according to Techcrunch.
Schmidt said that Lordstown has more than $400 million in the bank, but it will need extra investment if it is to produce more than 20,000 EVs or continue operations beyond next May. The company raised $675 million in October 2020 after merging with a special-purpose acquisition company.