Lordstown Motors CEO resigns after investigation into preorders
Steve Burns, the CEO of General Motors-backed startup Lordstown Motors, has resigned following an investigation into allegations that he and other executives lied about preorders for the company’s electric pickup truck. The startup’s chief financial officer Julio Rodriguez has also resigned.
The investigation found that while Lordstown Motors said on multiple occasions that a majority of the 100,000 non-binding preorders it collected were from commercial fleets, this was not the case. It also discovered that “one entity that provided a large number of pre-orders does not appear to have the resources to complete large purchases of trucks,” and that other companies on the list “provided commitments that appear too vague or infirm to be...