Lordstown Motors Corp. admitted in a filing Thursday that orders for its electric pickup truck “do not represent binding purchase orders or other firm purchase commitments.”
Lordstown RIDE, -0.75% shares were off 0.8% in midday trading Thursday.
The company sought to backtrack from comments by its executives at an event on Tuesday, in which they characterized the orders as firm.
The agreements are a “significant indicator of demand” for the truck, called the Endurance, but are not binding, Lordstown said.
“As previously disclosed in our Form 10-K/A for the year ended December 31, 2020, filed with the Securities and Exchange Commission on June 8, 2021, to date, we have engaged in limited marketing activities and we have no binding purchase orders or commitments from customers,” Lordstown said in the filing.
Lordstown said earlier this week that founder and Chief Executive and founder Steve Burns and Chief Financial Officer Julio Rodriguez had resigned, with interim executives appointed. It reiterated its plan to start “limited production” of its electric trucks in late September.
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