Lordstown Motors $RIDE Shares Plummet after photos emerge of their prototype (A big Unicorn stock the world thought was production-ready) went out for a photoshoot and broke down and had to call a tow truck. Pictures emerged of the truck here being picked up. The crazy part is they said these trucks would begin delivering in early 2021, guess they need to get them to work first. I can’t take everything away from these companies and I know with these EV stocks these are concept vehicles. You also need to consider the investment and government are all spending big in this sector and with share in freefall at some point it could be low enough to acquire it for a bargain.
“We received behind-the-scenes photos from a shoot ahead of the July 2020 commercial for the $RIDE Endurance. At the time, the company was 3 months from going public and claimed it would be delivering trucks to fleets “in early 2021,”” tweeted Hindenburg.
NEW: We received behind-the-scenes photos from a shoot ahead of the July 2020 commercial for the $RIDE Endurance.
At the time, the company was 3 months from going public and claimed it would be delivering trucks to fleets “in early 2021”.https://t.co/uGKvdSFYiH pic.twitter.com/aGW8hf2IYo— Hindenburg Research (@HindenburgRes) March 24, 202
One of the pictures shows the Endurance being taken away with a rollback tow truck.
Hindenburg continued: “An onlooker explained that the Endurance broke down on the road mid-shoot, with workers struggling to push it onto a truck before calling a tow truck. The deal to take $RIDE public was announced on August 3rd, just 2 business days after the release of the commercial.”
Shares of Lordstown Motors are down more than 8% this afternoon.
Earlier this month, Hindenburg published a report titled “The Lordstown Motors Mirage: Fake Orders, Undisclosed Production Hurdles, And A Prototype Inferno,” which accused the company of “fake orders.”
Hindenburg is best known for being the firm that called Nikola an “intricate fraud,” which led to its founder and eventual probes’ departure by several regulatory bodies.
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Maybe Hindenburg is onto something here…