Lordstown Motors Corp. Electric Truck Endurance is displayed during a disclosure event in Lordstown, Ohio, USA, on Thursday, June 25, 2020.
Matthew Hatcher | Bloomberg | Getty Images
Hindenburg Research said on Friday that it had taken a short position in Lordstown Motors, sending the shares of the electric truck manufacturer down more than 17% in the premarket trade.
“Lordstown is an SPAC for electric vehicles with no revenue and no product sold, which we believe has misled investors both in terms of demand and production capacity,” Hindenburg said.
Lordstown did not immediately respond to Reuters’ request for comment.
The company said in January that it had received more than 100,000 non-binding production reservations from commercial fleets for its EV truck.
“Our conversations with former employees, business partners and an extensive analysis of the documents show that the company’s orders are largely fictitious and are used as a means to raise capital and give legitimacy,” Hindenburg said on Friday.