DETROIT -- Lordstown Motors Corp has "firm" and "binding" orders for the first two years of production of its electric pickup truck, the startup's president said on Tuesday, sending shares up a week after saying it had no binding orders for the vehicle.
"Currently, we have enough orders for production for '21 and '22," President Rich Schmidt said at an Automotive Press Association event in Detroit. "Those are firm orders we have for those two years."
"I don't know the exact facts of the legal aspect of that, but they are basically binding orders that are committed here in the last two weeks, reconfirmed orders," he added, when asked if they were binding orders. "They're pretty solid, and I think that's on the light side or conservative side."