"Electric-truck startup Lordstown Motors Corp. confirmed the Justice Department is probing its business, investigating matters related to its reverse merger deal last year and preorders for its forthcoming pickup truck, the Endurance." - Ben Foldy, The Wall Street Journal, July 16, 2021.
Lordstown Motors disclosed this probe by the U.S. Attorney Office in Manhattan in a regulatory filing yesterday. However, The Wall Street Journal had already outed this develoopment on July 2nd.
In addition, the SEC is investigating Lordstown Motors.
These investigations add to the challenges this EV producer is facing. Overall, the EV space is constrained by the high price of the vehicles and the shortage of charging stations.
If the folks in the area - Youngstown, Ohio metro - were placing their financial hopes on Lordstown Motors they could find themselves disappointed. Earlier there had been the economic setback of GM shutting down its Cruze subcompact production facility. That had gone from three shifts to a shuttered site.
Over the years, while neighboring Pittsburgh, Pennsylvania regrouped economically the Youngstown region stayed stuck in time. It hadn't diversified its industries.
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