Lordstown Motors CEO resigns after investigation into preorders

Getty ImagesSteve Burns, the CEO of General Motors-backed startup Lordstown Motors, has resigned following an investigation into allegations that he and other executives lied about preorders for the company’s electric pickup truck. The startup’s chief financial officer Julio Rodriguez has also resigned.
The resignations come just weeks after Lordstown Motors admitted that it needs more money to execute on its production plans for the pickup truck and its auditor saying the company may run out of cash, despite raising nearly $700 million late last year. It’s one of many electric vehicle startups running into trouble after going public by merging with a special purpose acquisition company.
The investigation found that while Lordstown Motors said on…

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