Money-strapped Lordstown would possibly faucet the brakes on Perpetuity manufacturing

BE desk

Lordstown Motors had money and money equivalents of $108.1 million as of March 31, unwell from $203.6 million a week previous.

Stocks had been slight modified, having collision a document low of 25 cents on Monday.

Lordstown Motors and its EV friends had been suffering as get admission to to capital tightens from emerging rates of interest and mounting financial suspicion.

The corporate had resumed manufacturing of Perpetuity in March nearest a idleness in February to handle constituent problems.

It mentioned in February that it had made handiest 37 vans on the market and recalled 19 automobiles dropped at shoppers or being impaired internally.

Internet loss ballooned to $171.1 million within the quarter ended March 31, the corporate mentioned on Thursday, from $89.6 million a week previous.

Lordstown Motors had prior to now warned of considerable uncertainty about its talent to proceed as a going worry, bringing up liquidity problems.

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