{"id":1958244,"date":"2023-06-27T14:32:06","date_gmt":"2023-06-27T18:32:06","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-vehicle-startup-once-praised-as-a-savior-files-for-bankruptcy\/"},"modified":"2023-06-27T14:33:53","modified_gmt":"2023-06-27T18:33:53","slug":"electric-vehicle-startup-once-praised-as-a-savior-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-vehicle-startup-once-praised-as-a-savior-files-for-bankruptcy\/","title":{"rendered":"EV Startup Once Hailed as &#8216;Savior&#8217; Goes Bankrupt"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Felectric-vehicle-startup-once-praised-as-a-savior-files-for-bankruptcy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1958244&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Electric Vehicle Startup Once Praised as a &#8216;Savior&#8217; Files for Bankruptcy<\/h2>\n<p>The commercial <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-vehicle-startup-to-lay-off-hundreds-of-employees-at-every-level-of-company\/\" title=\"Electric vehicle startup to lay off hundreds of employees at every level of company\">electric vehicle startup<\/a> Lordstown Motors Corp. has filed for Chapter 11 bankruptcy protection nearly two months after it warned that it was in danger of failing.<\/p>\n<p>In early May, the electronics company Foxconn wavered on a $170 million investment in Lordstown.<\/p>\n<p>The Ohio company said in a regulatory filing at the time that it had received notice from Foxconn on April 21 that it was in breach of Foxconn\u2019s investment agreement because it had received a delisting warning from Nasdaq two days earlier.<\/p>\n<p>Lordstown said at the time that given the uncertainties, there was substantial doubt it could continue as a going concern.<\/p>\n<p>The company was in danger of being delisted from the Nasdaq because its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wealth-of-chinas-richest-woman-halved\/\" title=\"Wealth of China\u2019s Richest Woman Halved\">share price closed<\/a> below $1 on March 7 and continued to falter after that.<\/p>\n<p>Foxconn told Lordstown at the time that it might unwind their agreement if the <a href=\"https:\/\/www.westernjournal.com\/states-weigh-implementing-new-kind-tax-citizens-amid-transition-electric-vehicles\/\" target=\"_blank\" rel=\"noopener\">EV maker<\/a> did not resolve its listing issues.<\/p>\n<p>Lordstown said in May that it had notified Foxconn that, among other things, it believed the breach allegations were without merit and that the terms of the investment agreement didn\u2019t allow Foxconn to end the deal following the initial closing.<\/p>\n<p>Lordstown said Tuesday that it was filing a lawsuit against technology company Hon Hai Technology Group and certain affiliates, including Foxconn.<\/p>\n<p>It said the lawsuit \u201cdetails Foxconn\u2019s fraud and willful and consistent failure to live up to its commercial and financial commitments to the company\u201d and claimed Foxconn\u2019s actions led to material damage to Lordstown and its future prospects.<\/p>\n<p>Lordstown said it\u2019s also looking to sell its Endurance pickup and related assets. The company said restructuring under Chapter 11 will help with the sale process of Endurance and speed up the timeline for hearing its lawsuit against Foxconn.<\/p>\n<p>In November, the company announced that it had received approval to ship the first batch of Endurance trucks.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Stop by Booth #6009 at <a href=\"https:\/\/twitter.com\/WorkTruckWeek?\">@WorkTruckWeek<\/a> for a look at the all-electric Endurance truck.<\/p>\n<p>The Endurance has also been equipped with truck accessories for the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-vehicle-startup-once-praised-as-a-savior-files-for-bankruptcy\/\" title=\"EV Startup Once Hailed as 'Savior' Goes Bankrupt\">commercial fleet market<\/a> in Booth #801 with JB Poindexter\/LEER Group and Booth #1243 with ECCO. <a href=\"https:\/\/twitter.com\/hashtag\/WorkForIt?src=hash&#038;ref_src=twsrc%5Etfw\">#WorkForIt<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/TakeCharge?src=hash&#038;ref_src=twsrc%5Etfw\">#TakeCharge<\/a> <a href=\"https:\/\/t.co\/oGz4ncKwoI\">pic.twitter.com\/oGz4ncKwoI<\/a><\/p>\n<p>\u2014 Lordstown Motors (@LordstownMotors) <a href=\"https:\/\/twitter.com\/LordstownMotors\/status\/1633830244401704961?\">March 9, 2023<\/a><\/p>\n<\/blockquote>\n<p>Cincinnati Bengals quarterback Joe Burrow was enlisted as an ambassador for the brand.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Our brand ambassador, <a href=\"https:\/\/twitter.com\/JoeyB?\">@JoeyB<\/a>, and the all-electric Endurance have a lot in common: the ability to overcome a challenging environment.<\/p>\n<p>Whether on the playing field or the job-site, both are built to<a href=\"https:\/\/twitter.com\/hashtag\/WorkForlt?src=hash&#038;ref_src=twsrc%5Etfw\">#WorkForlt<\/a>.<a href=\"https:\/\/twitter.com\/hashtag\/RIDE?src=hash&#038;ref_src=twsrc%5Etfw\">#RIDE<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/RideWithLordstown?src=hash&#038;ref_src=twsrc%5Etfw\">#RideWithLordstown<\/a> <a href=\"https:\/\/t.co\/XXg3eh8EBs\">pic.twitter.com\/XXg3eh8EBs<\/a><\/p>\n<p>\u2014 Lordstown Motors (@LordstownMotors) <a href=\"https:\/\/twitter.com\/LordstownMotors\/status\/1569309965768183808?\">September 12, 2022<\/a><\/p>\n<\/blockquote>\n<p>In 2019, Lordstown was \u201clauded by former President <a href=\"https:\/\/www.westernjournal.com\/ap-trump-tweets-that-gm-plans-to-sell-lordstown-ohio-factory\/\" target=\"_blank\" rel=\"noopener\">Donald Trump<\/a> as a savior\u201d for a small Ohio town of the same name when it took over a former <a href=\"https:\/\/www.westernjournal.com\/trump-unleashes-ford-general-motors-ventilator-demands\/\" target=\"_blank\" rel=\"noopener\">GM<\/a> factory to build its Endurance trucks, <a href=\"https:\/\/www.wsj.com\/articles\/lordstown-motors-bankruptcy-sues-foxconn-5c7a0f46\" target=\"_blank\" rel=\"noopener\">The Wall Street Journal<\/a> reported.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">GREAT NEWS FOR OHIO! Just spoke to Mary Barra, CEO of General Motors, who informed me that, subject to a UAW agreement etc., GM will be selling their beautiful Lordstown Plant to Workhorse, where they plan to build Electric Trucks. GM will also be spending $700,000,000 in Ohio\u2026<\/p>\n<p>\u2014 Donald J. Trump (@realDonaldTrump) <a href=\"https:\/\/twitter.com\/realDonaldTrump\/status\/1126144398180388864?\">May 8, 2019<\/a><\/p>\n<\/blockquote>\n<p>Lordstown said that it is entering Chapter 11 with significant cash on hand and is debt-free.<\/p>\n<p>The company\u2019s stock plunged more than 65 percent before the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/french-fashion-executive-becomes-richest-man-in-world-gets-overtaken-by-bezos-hours-later\/\" title=\"French Fashion Executive Becomes Richest Man In World, Gets Overtaken By Bezos Hours Later\">market open<\/a>.<\/p>\n<p style=\"font-style: italic\">The Western Journal has reviewed this Associated Press story and may have altered it prior to publication to ensure that it meets our editorial standards.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/ap-lordstown-motors-files-chapter-11-bankruptcy-protection\/\">Electric Vehicle Startup Once Praised as a &#8216;Savior&#8217; Files for Bankruptcy<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lordstown Motors Corp., a startup for electric vehicles, has sought Chapter 11 bankruptcy protection after previously expressing concerns about its survival. Foxconn, an electronics company, hesitated on a $170 million investment in Lordstown in May. The Ohio-based company disclosed this information in a regulatory filing.<\/p>\n","protected":false},"author":136,"featured_media":1958245,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-1958244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1958244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/136"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1958244"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1958244\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1958245"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1958244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1958244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1958244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}