The Ohio-based brand promised to bring its all-electric pick-up truck to market this year, but a new SEC filing suggests that’s increasingly unlikely.

Electric vehicle start-up Lordstown Motors – which has promised to launch its Endurance pick-up in late 2021 – is teetering on the edge of bankruptcy, a 10-K/A form filed with the United States Securities and Exchange Commission (SEC) overnight has revealed.

“We require additional capital to implement our business plan, and it may not be available on acceptable terms – if at all – creating substantial doubt as to our ability to continue as a going concern,” the company said in the report.

“With our vehicle still under development, we do not have any current customers or any pending orders and there is no assurance non-binding pre-orders and other indications of interest will be converted into binding orders or sales …”

“If we fail to scale our business operations or otherwise manage future growth effectively as we attempt to rapidly grow our company, we may not be able to produce, market, service and sell or lease our vehicles successfully.”

The company notes it held just US$259.7 million (AU$335 million) in liquid assets as of March 31, having burned through US$125.2 million (AU$160 million) in cash over the previous quarter. It claims this is likely not enough “funding to ramp up the production phase of operations.”

Lordstown Motors stock plummeted approximately 50 per cent in the minutes following the document’s release, falling from US$15.50 (AU$20) to US$10.82 (AU$14) between 3:45PM and 4:05PM Australia time. The market cap closed at US$1.98 billion (AU$2.6 billion).

That’s down from a stock price high of US$31.40 (AU$40) and market cap of nearly US$7 billion (AU$9.05 billion) in September 2020.

A steady stream of scandals – including the failure to meet deadlines, and allegations of fraud – have chipped away at consumer confidence in the brand, and its ability to take on the Tesla Cybertruck, Rivian R1T, and recently-revealed Ford F-150 Lighting.

General Motors is a key stakeholder in Lordstown, and the start-up – which was founded in 2018 – operates out of an Ohio factory formerly occupied by the automotive conglomerate.

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