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Lordstown Motors warns that it does not have enough money to make electric cars

Lordstown Motors He has been one of the founders (Rivian, Canoo) promises electronic graphics which would compete with the current titans in the automotive world, but today’s updates show that the company’s future is uncertain. New York Times refers to SEC securities which indicate that the company is making progress if the concern is at risk, as it does not have sufficient funds to start the production of the Endurance electric car.

Lordstown Motors:

The Company had a net worth of about $ 587.0 million and a net worth of $ 259.7 million on March 31, 2021 and a loss of $ 125.2 million in the quarter ended March 31, 2021. . The termination of a company’s status depends on its final ability to repair its electric vehicles, obtain a license to operate, start a business and start selling such vehicles. The company believes that the amount of money currently available and the equivalent amount is not enough to cover the cost of selling and establishing the sale of such vehicles. This raises serious doubts about our ability to continue as a concern for a period of at least one year from the date on which these unconfirmed evidence has not been accepted.

To address this, regulators are looking at various sources of revenue and may seek additional funding by issuing cash, mezzanine or loan shares, through arrangements with their affiliates or obtaining loans from the government or financial institutions. As we seek to earn extra income, there can be no guarantee that such resources will be available to us in the best possible way. Our ability to earn extra income during debt and the markets are affected by a number of factors, including the market and the economy, our performance and our attitude towards our suppliers.

The company came out publicly in October through a company known as SPAC, a private purchasing company, and recently warned investors that they are at risk of being deceived for lack of a deadline. The plan has been selling its car to businesses, but electronic models coming in from Ford and others, will be hard to compete with, considering that Endurance will hit the market first.

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