Justice Department Is Probing Lordstown Motors

[Zorro]

Source: Wall Street Journal

The Justice Department is probing embattled electric-truck startup Lordstown Motors Corp., according to people familiar with the matter.

The inquiry into Lordstown Motors is being handled by the U.S. attorney’s office in Manhattan and is in early stages, the people said. A spokesman for Lordstown Motors said the company is committed to cooperating with any investigations and inquiries and looks forward to focusing on production with its new leadership team.

The Securities and Exchange Commission is also looking at the company, Lordstown Motors has previously said.

The SEC first requested information from Lordstown Motors in February and has issued subpoenas regarding Lordstown Motors’ move last year to become a public company and its representations about preorders, according to company filings. Lordstown Motors has said it is cooperating with the SEC’s investigation.

Read more: https://www.wsj.com/articles/justice-department-is-probing-lordstown-motors-11625239730?mod=hp_lead_pos3

[eppur_se_muova]

1. If only there had been some clue ... nt

?

[LifeLongDemocratic]

2. Another scam?

Everything these people do is a scam.

[marble falls]

3. Gee, and 45 was in the mix. What were the odds?

[JohnnyRingo]

4. Hometown news for me.

...and it's sad. I had such high hopes for the old GM Lordstown plant when LM took over.

The only bright side I see is that GM donated a lot of presses, tooling, and assembly line hardware as part of the deal. Such a sizeable investment, plus a ready made product, will be unlikely die completely. It may get a new name, but there's billions in value there.

One clue is that GM was hoping to use their investment in exchange for carbon credits. Within the same plant with LM is the Ultium battery plant, a partnership with LG that will build batteries for all GM EVs and other brands.

This week it was announced that a company bought 7 acres here to build a factory to build doors for GM and Rivian electric vehicles, so our renamed "Voltage Valley" may shake the our Rust Belt moniker yet.