Lordstown Endurance might not have enough endurance left, after all

Lordstown Motors has admitted to having severe financial difficulties that could culminate in it going insolvent before it can start producing electric trucks on an industrial scale.

The company emphasized that it still hoped to secure the needed funds through either credits, or a secondary issue of equity, or finding new partners.

Lordstown faced serious fraud allegations in March that affected its stock. A consulting agency claimed that the startup faked the number of pre-orders for the Endurance truck, and that the real volume was insufficient to fund the planned production. The original intention was to launch production at a General Motors site in Lordstown, Ohio this fall.

The startup’s first and so far only electric truck is called Endurance. It rides on four motorized wheels jointly rated at 608 PS (600 hp / 447 kW) and needs 5.5 seconds to hit 60 miles per hour (97 km/h).