Lordstown Recants Claim It Has Binding Orders; Shares Tumble

Lordstown Motors Corp., the under-fire electric vehicle startup, said in a regulatory filing that orders for its Endurance pickup are non-binding, countering a claim made at a media event earlier this week and sending shares tumbling.

The company’s stock fell as much as 7% on Thursday after the company clarified statements by company President Rich Schmidt on June 15 that Lordstown had binding orders that would sell out capacity of 20,000 trucks through May of next year. The stock rose more than 11% that day based on his statement.