The Lordstown Motors Corp. Endurance electric pickup will be unveiled on Thursday, June 25, 2020 during a unveiling event in Lordstown, Ohio, USA.
Matthew Hatcher | Bloomberg | Getty Images
Hindenburg Research said on Friday that it had taken a short position in Lordstown Motors and dropped the shares of the manufacturer of electric pickups by more than 17% in the pre-trade.
“Lordstown is an electric vehicle SPAC with no revenue and no salable product, which we believe has misled investors in terms of demand and production capacity,” Hindenburg said.
Lordstown did not immediately respond to a request for comment.
The company said in January it had received more than 100,000 non-binding commercial fleet production bookings for its EV truck.
“Our discussions with former employees, business partners and an extensive document review show that the company’s orders are largely fictitious and are used as a prop to raise capital and give legitimacy,” Hindenburg said on Friday.