Vehicle purchase agreements struck with fleet management companies are not binding orders, according to a regulatory filing submitted by Lordstown Motors (RIDE). The filing came just a day after the company’s President stated it had “pretty binding” preorders to sustain its operations through 2022, reports the Wall Street Journal. The vehicle purchase agreements are valid for about 3 to 5 years and include Lordstown as the preferred supplier. They also come with down payment terms. According to the embattled electric truck company, the purchase orders only act as an indicator of demand in the market. (See Lordstown stock chart on TipRanks).
https://www.tipranks.com/news/lordstown-insists-vehicle-purchase-agreements-are-not-binding-report
Lordstown Motors (NASDAQ:RIDE)
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