Lordstown Motors warns it needs more capital to keep going

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AFP

New York (AFP) – Electric truck startup Lordstown Motors said Tuesday it lacks sufficient capital to begin commercial production and warned about the ability to keep operating. The company, which had targeted commercial production to begin in September, has just $587 million in cash, which is “not sufficient to fund commercial scale production and the launch of sale of such vehicles,” Lordstown said in a securities filing. “These conditions raise substantial doubt regarding our ability to continue as a going concern,” Lordstown added. The statement, which caused the share price to dive, is the…

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