Author: Sean O'Kane
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Steve Burns, the CEO of General Motors-backed startup Lordstown Motors, has resigned following an investigation into allegations that he and other executives lied about preorders for the company’s electric pickup truck. The startup’s chief financial officer Julio Rodriguez has also resigned.
The resignations come just weeks after Lordstown Motors admitted that it needs more money to execute on its production plans for the pickup truck, despite raising nearly $700 million late last year.
The investigation found that while Lordstown Motors said on multiple occasions that a majority of the 100,000 non-binding preorders it collected were from commercial fleets, this was not the case. It discovered that “one entity that provided a large...
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Getty Images
Steve Burns, the CEO of General Motors-backed startup Lordstown Motors, has resigned following an investigation into allegations that he and other executives lied about preorders for the company’s electric pickup truck. The startup’s chief financial officer Julio Rodriguez has also resigned.
The resignations come just weeks after Lordstown Motors admitted that it needs more money to execute on its production plans for the pickup truck, despite raising nearly $700 million late last year.
The investigation found that while Lordstown Motors said on multiple occasions that a majority of the 100,000 non-binding preorders it collected were from commercial fleets, this was not the case. It discovered that “one entity that provided a large...
Continue reading…
Continue reading...