(Reuters) -Electric truck maker Lordstown Motors Corp expressed doubts about its ability to continue as a going concern, the company said in a regulatory filing on Tuesday, sending its shares down more than 20%. (https://bit.ly/3w4iOlG)
“We believe that our current level of cash and cash equivalents are not sufficient to fund commercial scale production and the launch of sale of such vehicles,” Lordstown said.
Lordstown reported a net loss of $125.2 million for the quarter ended March 31, and had cash and cash equivalents of about $587 million and an accumulated deficit of $259.7 million as of March 31.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D’Silva)
