Hindenburg Research, the firm that took aim at Nikola Corp. last year, is now turning its sights on electric pickup maker Lordstown Motors Corp.
“Lordstown is an electric vehicle SPAC with no revenue and no sellable product, which we believe has misled investors on both its demand and production capabilities,” Hindenburg said in a report on Friday.
“Despite claims that Lordstown will be producing vehicles by September, a former employee explained how the company is experiencing delays and making ‘drastic’ design modifications, putting them an estimated 3-4 years away from production,” Hindenburg said.
