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June 21, 2021

Lordstown Motors clarifies orders claim in SEC filing – report

An SEC filing casts doubt on Lordstown Motors' firm orders claim.

By Graeme Roberts

Does Lordstown Motors really have firm orders on hand, as claimed recently?

The two new executives who replaced the recently departed CEO and CFO at troubled EV truck maker Lordstown Motors had insisted there was 18 months’ worth of firm orders to hand and that production would start in September at the former Chevrolet Cruze assembly plant it took over from GM.

But a new SEC filing, just days after the claim was made, has cast doubt.

According to TheDetroitBureaucom, the filing said: “(A)lthough these vehicle purchase agreements provide us with a significant indicator of demand for the Endurance, these agreements do not represent binding purchase orders or other firm purchase commitments.”

Meanwhile, Lordstown announced in a press release John Whitcomb had joined the company today as VP, global commercial operations “responsible for driving the company’s overall go-to-market strategy ahead of the start of production of the Lordstown Endurance in late-September 2021”.

Whitcomb will develop the strategic business model for the sales and service footprint, working alongside others to establish a national sales network. He will be responsible for developing service and after-sales strategies and processes as the company prepares for production, drawing on his experience as a leader of marketing, sales and service in the global auto sector. Additionally, he will be tasked with exploring long term international strategies to determine where and when to expand.

Whitcomb has over 30 years of global automotive experience, most recently as a managing director, global automotive and mobility, at Ernst & Young and previously at General Motors as director, global retail & sales technology.

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