Startup commercial electric vehicle maker Lordstown Motors said it may not be in business a year from now as it tries to secure funding to start full production of an electric pickup truck.
In a quarterly regulatory filing released Tuesday, Lordstown said the $587 million it had on hand as of March 31 isn’t enough to start commercial production and begin selling the truck.
The company, which will produce the trucks at the shuttered General Motors assembly plant in Lordstown, said it's seeking more capital but may not be able to raise it. Lordstown said it may not be a going concern within a year.
In March, a shareholder filed a federal lawsuit that claimed Lordstown Motors misled investors about the number of trucks that have been pre-ordered and when production would begin.
One of the company's first prototypes caught fire in January, 10 minutes into its initial test drive.
In January, the company said has more than 100,000 orders for its new pickup truck.
The light-duty truck has a range of about 250 miles and is being marketed to commercial customers.
