Noted short-seller Hindenburg Research has released a damning report about electric pickup truck manufacturer Lordstown Motors.
In the report, Hindenburg Research, which has a short position in Lordstown, claims the company’s order book is “almost entirely fake,” noting that they are not orders but rather non-binding letters of intent that require no reservation fee nor a commitment to actually buy a vehicle. Lordstown claims in January that it had received 100,000 reservations but Hindenberg goes on to allege that some of the orders come from companies with no experience in operating fleets.
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