Electric truck startup Lordstown Motors Corp. disclosed that it doesn’t have sufficient funds to launch a full commercial production and has doubts regarding whether it can continue as a going concern through the end of the year.The disclosure Tuesday marks the latest difficulty for Lordstown Motors, one of several electric-vehicle and battery startups that went public last year through reverse mergers with special-purpose acquisition companies, or SPACs.Lordstown Motors amended its annual report to include the going-concern notice, which can flag issues with survival for businesses. The warning comes as new challenges emerge for the two-year-old company that is trying to convert a former General Motors Co. plant in Ohio to manufacture electric pickup trucks. It has stated that its first model, the Endurance, will launch production in September.A spokesman for Lordstown Motors stated that the company isn’t moving back its September target for the start of production and hopes to increase more capital, possibly through asset-backed financing or a government loan program. He declined to comment on why an ongoing concern wasn’t added in the company’s original annual report filed in March.
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