Lordstown Motors: Electric truck startup warns it may go out of business

The news, which sent Lordstown shares down nearly 8% in after-hours trading, is a blow to not only the company but also to the gritty industrial town from which it gets its name. For 53 years, Lordstown, Ohio, was home to a massive General Motors plant, which GM closed in 2019.

It sold the 6.2 million square foot factory, nearly twice the size of the Pentagon, to start-up Lordstown Motors later that year, which promised to pay union-level wages to workers to build its Endurance pickup truck. It is due to start production of that truck in September.