Lordstown Motors missed $570,000 real-estate tax payment due in March

Cleveland — The failure of an Ohio-based electric truck startup to pay $570,000 in real estate taxes due in early March is yet another troubling sign for a company that has been barraged by bad news this year.

Lordstown Motors Corp. stock has plummeted from nearly $31 a share on Feb. 11 to just over $10 on Tuesday in the wake of a U.S. Securities and Exchange Commission inquiry and the filing of four potential class-action lawsuits by investors who claim they have been defrauded.

Lordstown Motors CEO Steve Burns with the Endurance pickup truck.

The company appeared to be primed for success last June during a showcase event at the massive former GM plant outside Youngstown, Ohio, which the startup bought in 2019. Then-Vice President Mike Pence sat in the passenger seat of an Endurance prototype as it rolled onto a stage to hearty applause. Noisy, colorfully lit robots building nothing gyrated nearby.

The first drip of bad news came in January when an Endurance pickup truck prototype caught fire 10 minutes into its initial test drive in Michigan. A company spokesperson issued a statement afterward saying, “No one was hurt, and like all of our test findings, we do it to create a great product.”

Read More: Lordstown Motors missed $570,000 real-estate tax payment due in March

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