If you know anything about Lordstown Motors, you’ll know that they’re just a hot-mess. President of the company, Rich Scmidt was quick to mention that Lordstown sill had a pretty okay two years ahead of them. But that makes us wonder how they’re getting along with the Securities and Exchange Commission. It was only after they filed Thursday with the SEC that Rich Schmidt was steadfast in his comments. Meanwhile, you also have both their CEO and their CFO quitting after what has been pretty nuts for the Lordstown name.
So what has really been going on with Lordstown?
For starters, the company has kept making it’s promise that they’ll deliver an all-electric Endurance truck. However, their stock has been diving way down. There is an SEC filing that went ahead and mentioned the following ordeal with the SEC.
“We have entered into vehicle purchase agreements with additional specialty upfitting and fleet management companies as a component of that strategy.”
Sounds very legal-ese. Here are some of their terms and conditions, not withstanding the world erupts.
- 3 to 5-year term
- Lordstown Motors will be THE supplier
- Procedure protocol being enacted for forecasting, statusing, confirmation, and cancellation
- Down payments. Duh.
- Invoice and payment terms mother would be proud of.
- Additional customary terms like warranties and intellectual property use
According to Lordstown, “these vehicle purchase agreements generally include a projected buyer order schedule over the 3 to 5 year life of the agreement, and may be terminated by either party at will on 30 days’ notice. They do not commit the counterparties to purchase vehicles, but we believe that they provide us with a significant indicator of demand for the Endurance.”
All this sounds a little big-headed if you ask me. But no one was actually asking so I guess I won’t voice my opinion then.