Hindenburg Research Report Lambasts Lordstown Motors, Fabricated Orders

Hindenburg Research, the firm that outed Nikola for overselling its technology in last year’s scathing report, has selected a new target. The company in its crosshairs this time around is Lordstown Motors. While the investment research firm stopped short of saying the Ohio-based manufacturer committed fraud, it came extremely close. On Friday, Hindenburg alleged that Lordstown is stringing investors along, will be unable to adhere to its existing production targets, and fabricated sales to make the business appear more appetizing.

“Lordstown is an electric vehicle [special purpose acquisition company] with no revenue and no sellable product, which we believe has misled investors on both its demand and production capabilities,” reads the report. “The company has consistently pointed to its book of 100,000 pre-orders as proof of deep demand for its proposed EV truck. Our conversations with former employees, business partners and an extensive document review show that the company’s orders are largely fictitious and used as a prop to raise capital and confer legitimacy.”

Read more
  • Bobbysirhan Direct injection cuts certain emissions that were already so small as to be completely meaningless, but it introduces particulate emissions that aren't a problem on port-injected engines. Stay tuned for a particulate emissions panic to be used as a justification for banning all of the ICE engines produced under recent EURO emissions standards tiers.
  • Kosmo I want to know why Mazda thinks anybody is interested in multiple teasers on a CUV!
  • Namesakeone Please ask the Mazda representative this: Will Mazda ever make cars (besides the 3 and the MX-5) again? I know SUVs and crossovers are all the rage and sell so well and are so profitable, but Mazda made its reputation on sports cars and sedans and coupes that were interesting to drive. Not everything has to be a vehicle that looks like what every other manufacturer is selling. Mazda has enough SUVs in its lineup. Give the enthusiasts something.
  • Ollie Read closer, I wrote $0.15 every 4 miles. I dare say a Dodge Challenger Hellcat will challenge a Model 3 in only one aspect that has any interest to me — raw acceleration. Although I have not ever been in one, I imagine a pretty miserable experience would await in comparison to my quite, smooth & comfortable M3. If I wanted that kind of raw power and the comforts mentioned, there is always the Tesla Plaid.
  • Jesse The math doesn't check out on their claims. The closest I could come to making their numbers work was by comparing a Hummer EV pickup that was unloaded that was charged in Hawaii at double the national average price of electricity to a Toyota Camry at the national average price of gasoline. Hardly an apples to apples comparison. I have ran the numbers here in washington state at my price of 8 cents a kwHr and I can drive a 2022 model s almost 500 miles for the price of driving a Toyota Camry with a 4 cylinder 100 miles.