Lordstown Motors

About Lordstown Motors

Lordstown Motors acquired the former GM assembly plant in Lordstown, Ohio in 2019. The company went public via SPAC in October 2020. Founder Steve Burns was forced out in June 2021 after acknowledging that the company had overstated pre orders for its Endurance pickup truck. Many pre orders came from non commercial entities with no ability to purchase trucks. The SEC investigated. Hindenburg Research published a critical report. The stock fell from 31 to under 2. Lordstown filed for bankruptcy in June 2023. The company sold its assets to Karma Automotive. The case illustrates how the SPAC bubble enabled companies with minimal operations to go public at inflated valuations.