Anally of course. Damn what a start to this blog but let’s get into it.
Ok, so Lordstown Motors if you haven’t seen, is an up-and-coming Electric Vehicle Maker in the fucking SEA of EV makers these days. Lordstown Motors got some early hype before really breaking ground by getting solid backing by one of Detroit’s Legends, GM. Lordstown grew rapidly over the pandemic ridden 2020 year, perfecting what they hope to be “fleets” of electric pick-up trucks. So Lordstown grew and grew, they went public, investors gave them plenty of funding-handjobs, and finally 2021 came around, time for Lordstown to get their fleets out to the streets. But that never fucking happened.
Lordstown fell drastically in the market as their Stock, $RIDE fell by over 46% in the past month, and guess what doesn’t help at all? Getting probed by the SEC for falsifying orders and misleading investors. Really never helps at all. All press is good press? Yeah I’m sure the Lordstown CEO is tattooing that on his or her chest right now. Anyway, the CEO, which is a guy (damn you glass ceiling!) has been back peddling all week trying to spin cycle his company’s claims that there were large orders for their fleets of vehicles. Remember, that’s where Lordstown differentiates a bit from the pack, they won’t be selling to the market in individual products, but fleets of their product. So of course, every order for Lordstown counts quite positively in their favor, HOWEVER, the orders must be, you know, like REAL and what not. They’ve promised to be going into “mass production” in the next six months, but this is coming from the same company that said they’d have tires on the streets by may 2021. Yikes. The CEO saying “I don’t think anybody thought we had real orders” isn’t exactly the stroke of confidence investors were looking for either.
In fact the same research group that called out EV maker Nikola last year is the same group calling bullshit on Lordstown, this was the initial cause for the probe by the SEC. So, whatever the SEC finds will no doubt be bad for Lordstown, the investors, and the stock price. The SEC doesn’t get involved to make you look like a saint, they want you to look like the piece of shit that you are. Just like Adam Neumann…. God I gotta get over that guy.
So, there is a concerning trend growing especially in the EV world, a trend where EV makers get tons of cash, for nothing, for just blank, open-ended promises. This will ultimately lead the industry into bubble territory if it has not already. I can’t believe I have to type this, but companies should have products and or services behind the company, you know. It’s basically the only real principle of basic bartering. But what the fuck do I know?
Anyway, that’s my take on it. Until next time. -GS
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