Hindenburg Research said in a report that "despite claims that Lordstown will be producing vehicles by September, a former employee explained how the company is experiencing delays and making 'drastic' design modifications, putting them an estimated 3-4 years away from production."
Remember that concept art for U.S. Postal Service mail delivery trucks that the Internet fawned over? Internet denizens said the next generation delivery vehicles looked like something out of an animated movie.
While the excitement for a futuristic mail delivery truck has waned, there s still the actual work ahead to upgrade the Postal Service fleet an upgrade that hasn t happened in decades.
Wisconsin-based Oshkosh Corp. won the contract for the Postal Service s next generation delivery vehicles. There s flexibility to the contract, but it calls for Oshkosh Corp. to make up to 165,000 vehicles within the next decade. The contract, announced Feb. 23, is potentially worth billions of dollars. Under the contract, the Postal Service will pay $482 million for the company to finalize its pre-production work.
Lordstown Motors shares slump after Hindenburg takes short position reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.