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Lordstown Motors Corporation

AP Photo/David Dermer, File

Lordstown Motors has received an investment of up to $400 million as the struggling electric truck maker continues to push toward production of its new pickup this fall.

The Ohio company, which has been under scrutiny over the claims it has made about the number of orders it has received for its trucks, said in a filing Monday with the Securities and Exchange Commission that hedge fund YA II PN Ltd agreed to to buy up to $400 million worth of its shares over three years.

AP Photo/Tony Dejak, File

The top two executives at Lordstown Motors have resigned as problems at the Ohio electric truck startup mount.

CEO Steve Burns and Chief Financial Officer Julio Rodriguez stepped down, the company said early Monday, sending shares already down 40% this year tumbling more than 21%.

When electric pickup maker Lordstown Motors took over an old General Motors plant in Ohio in 2019, it had big ambitions — and made a lot of promises.

It promised a revival for a community agonizingly familiar with lost jobs. It named itself after the town, Lordstown, and named its future truck the Endurance, after the region's enduring residents.

And it promised a fast timeline. Lordstown aimed to bring the first mass-produced electric pickup truck to market, built right there in that old GM plant.

Electric vehicle maker Lordstown Motors says it now has more than 100 thousand orders for its new pickup truck.

cnbc.com

The electric truck-making startup Lordstown Motors is now trading on the Nasdaq stock exchange under the ticker symbol RIDE. 

When the last Chevy Cruze rolled off the line at the General Motors Lordstown assembly plant in March 2019, Bill Janik was there.

"If you saw the sign that said 'the last Cruze,' I made it and I hung it on the car," he said.

Janik worked at the plant for 17 years before it shut down. His wife had been there for 25 years.

Over the course of a few years, GM Lordstown went from employing 4,500 people to essentially none.

Associated Press

During a campaign stop hosted by concrete contractor Nickolas Savko Monday in Columbus, Vice President Mike Pence criticized Mayor Andy Ginther's removal of the Christopher Columbus statue from the City Hall grounds.  

lordstownmotors.com

The company that purchased the former General Motors plant in Lordstown has announced a merger.  

When the General Motors plant in Lordstown, Ohio, went dark last year, it was a familiar story for the region. Yet another manufacturing powerhouse — a pillar of the local economy and a rare source of good jobs — was shutting down.

But the closure of the plant was not the end of the story. The factory was sold to Lordstown Motors, a startup building an electric pickup truck that's scheduled to be unveiled on Thursday.

The Trump administration wants to eliminate a loan program that could help an electric vehicle maker with its plan to reopen the former GM plant in Lordstown.