KUALA LUMPUR (June 9): Greatech Technology Bhd said its earnings will not be affected by issues faced by its client Lordstown Motors Corp, which reportedly will not be able to commence full commercial production and there are doubts over whether it could continue as a going concern through the end of the year.
Greatech executive director and chief executive officer (CEO) Tan Eng Kee told theedgemarkets.com that the group will not be affected by the issues at the US-based electric truck start-up, adding that Greatech still expects to meet its targets for 2021 and 2022.
He said that Greatech has communicated with Lordstown Motors, and that the latter said it would try to raise funds for commercial production.
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Greatech Technology Bhd’s share price fell to a low of RM5.17 on Wednesday on news that a buyer US electric pick-up truck start-up Lordstown Motor Corp does not have enough cash for full commercial production.
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Greatech Technology Bhd's share price declined 10% as at the noon market break, following a report that its client Lordstown Motors Corp had disclosed that it might not be able to commence full commercial production.