The Ohio-based Lordstown Motors Corp. officially announced the resignation of two members of its executive leadership team on Monday. Both Chief Executive Officer Steve Burns and Chief Financial Officer Julio Rodriguez decided to depart from their roles with immediate effect.
Prior to the revelation of Burns and Rodriguez’s departures, the auto manufacturer’s board uncovered evidence of inaccurate statements about vehicle preorders that proved to be untrue. The following statement was made by the company following its internal investigation: “Lordstown Motors made periodic disclosures regarding preorders which were, in certain respects, inaccurate.”
The aforementioned issues are the latest in a string of concerns that threaten the survival of the electric vehicle manufacturer. Last week, the company revealed that it may not survive the next 12 months without raising more capital. Without more capital, Lordstown will be unable to fund the production of its first truck.
Currently, the Lordstown, Ohio-based firm is focusing on transitioning from research and development into the commercial production of its first model. Despite its current setbacks, the firm remains “committed to delivering on our production and commercialization objectives, holding ourselves to the highest standards of operation and performance and creating value for shareholders,” lead independent director Angela Strand declared in a statement.
