# Bye-Bye for Lordstown Motors? **URL:** \ **Category:** General Discussion\ **Created:** [June 15, 2021, 11:43am UTC](https://community.cartalk.com/t/bye-bye-for-lordstown-motors/177466 "2021-06-15T11:43:06Z")\ **Posts on this page:** 11\ **Page:** 1
**Author:** ![VDCdriver](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/vdcdriver/32/30_2.png) [@VDCdriver](https://community.cartalk.com/u/VDCdriver)\ **Post date:** [June 15, 2021, 11:43am UTC](https://community.cartalk.com/t/bye-bye-for-lordstown-motors/177466/1 "2021-06-15T11:43:06Z")
> **[Lordstown Motors CEO and CFO resign as electric vehicle maker faces rough road](https://www.cleveland.com/news/2021/06/lordstown-motors-ceo-and-cfo-resign-as-electric-vehicle-maker-faces-rough-road.html?utm_source=morning_brew)** > > Lordstown Motors CEO Steve Burns and Chief Financial Officer Julio Rodriguez have resigned from the startup commercial electric vehicle maker. ---
**Author:** ![Mustangman](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/mustangman/32/44130_2.png) [@Mustangman](https://community.cartalk.com/u/Mustangman)\ **Post date:** [June 15, 2021, 12:01pm UTC](https://community.cartalk.com/t/bye-bye-for-lordstown-motors/177466/2 "2021-06-15T12:01:37Z")
Seems the rush to replicate Tesla’s “overnight” success with companies like Lordstown, Canoo, Nikola and others is not paying off. Took Tesla 18 years to be an overnight success… And their first product was not a ground-up design, it was the electrification of an existing Lotus Elise. It still took Tesla 5 years to deliver the first car. It took until 2012, nearly 10 years to deliver the first all-Tesla designed Model S. This shows just how hard building cars, EV or otherwise, actually is. ---
**Author:** ![texases](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/texases/32/862_2.png) [@texases](https://community.cartalk.com/u/texases)\ **Post date:** [June 15, 2021, 2:14pm UTC](https://community.cartalk.com/t/bye-bye-for-lordstown-motors/177466/3 "2021-06-15T14:14:58Z")
Profitably developing and selling a new car is crazy difficult. Tesla still hasn’t, its profits come from selling emissions credits and trading Bitcoin. But they’re close. ---
**Author:** ![bing](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/bing/32/4619_2.png) [@bing](https://community.cartalk.com/u/bing)\ **Post date:** [June 15, 2021, 6:54pm UTC](https://community.cartalk.com/t/bye-bye-for-lordstown-motors/177466/4 "2021-06-15T18:54:22Z")
Yeah I read about that a week or so ago. Another loss for GM. Here’s the thing, one rule my FIL had which I continue to generally follow is when you see everybody going in one direction, turn around and go the other way. It’s amazing how many time the cattle have all been stampeding only to find out later they were running the wrong direction. ---
**Author:** ![oldtimer-11](https://avatars.discourse-cdn.com/v4/letter/o/e79b87/32.png) [@oldtimer-11](https://community.cartalk.com/u/oldtimer-11)\ **Post date:** [June 16, 2021, 2:14am UTC](https://community.cartalk.com/t/bye-bye-for-lordstown-motors/177466/5 "2021-06-16T02:14:23Z")
Think you have enough capital to start a car company? Multiply your figure by 100… and you still might be underfunded. ---
**Author:** ![RandomTroll](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/randomtroll/32/12184_2.png) [@RandomTroll](https://community.cartalk.com/u/RandomTroll)\ **Post date:** [June 16, 2021, 2:35am UTC](https://community.cartalk.com/t/bye-bye-for-lordstown-motors/177466/6 "2021-06-16T02:35:33Z")
> [@bing](#): > > when you see everybody going in one direction, turn around and go the other way. ‘Contrarian’ ---
**Author:** ![jtsanders](https://avatars.discourse-cdn.com/v4/letter/j/c2a13f/32.png) [@jtsanders](https://community.cartalk.com/u/jtsanders)\ **Post date:** [June 16, 2021, 9:50pm UTC](https://community.cartalk.com/t/bye-bye-for-lordstown-motors/177466/7 "2021-06-16T21:50:40Z")
> [@bing](#): > > Another loss for GM. The Lordstown plant isn’t owned by GM anymore. How is this their loss? A loss for Lordstown and Ohio maybe, but didn’t GM sell the plant to Lordstown Motors? ---
**Author:** ![bing](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/bing/32/4619_2.png) [@bing](https://community.cartalk.com/u/bing)\ **Post date:** [June 17, 2021, 2:37am UTC](https://community.cartalk.com/t/bye-bye-for-lordstown-motors/177466/8 "2021-06-17T02:37:58Z")
> [@jtsanders](#): > > How is this their loss? I thought GM put money into the deal. Not that you can trust everything in Wiki but: General Motors (GM) has invested [/US$)75 million in Lordstown Motors. GM obtained a seat on Lordstown Motors’ board of directors, and has included Lordstown Motors into its Tier 1[\*[clarification needed]] supply chain. ---
**Author:** ![VDCdriver](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/vdcdriver/32/30_2.png) [@VDCdriver](https://community.cartalk.com/u/VDCdriver)\ **Post date:** [June 17, 2021, 10:58am UTC](https://community.cartalk.com/t/bye-bye-for-lordstown-motors/177466/9 "2021-06-17T10:58:05Z")
Yes, GM is (was?) the owner of 5% of Lordstown Motors. ---
**Author:** ![RandomTroll](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/randomtroll/32/12184_2.png) [@RandomTroll](https://community.cartalk.com/u/RandomTroll)\ **Post date:** [June 17, 2021, 12:50pm UTC](https://community.cartalk.com/t/bye-bye-for-lordstown-motors/177466/10 "2021-06-17T12:50:34Z")
> **[In an about-face, Lordstown Motors says it has enough money and will start...](https://www.nytimes.com/2021/06/15/business/lordstown-motors-production.html)** > > Lordstown said last week that it needed to raise more money and might not survive. Now, the company’s new executive chairwoman has said “It’s a new day at Lordstown Motors.” ---
**Author:** ![bing](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/bing/32/4619_2.png) [@bing](https://community.cartalk.com/u/bing)\ **Post date:** [June 17, 2021, 8:56pm UTC](https://community.cartalk.com/t/bye-bye-for-lordstown-motors/177466/11 "2021-06-17T20:56:40Z")
> [@RandomTroll](#): > > ‘Contrarian’ I would say it is inaccurate to pin that label. It’s more like watching the population, indicators, markets, and history to detect that the herd might be marching in the wrong direction over the long haul. Everyone planting corn because, maybe plant beans instead. Everyone buying small cars, maybe buy what you want. Everyone moving into condos in the big city, maybe re-evaluate, and on and on. It’s not always wise to just follow the crowd especially when there are insufficient precious metals for battery demand and a failing grid. Reminds me of the trench warfare in WW I. Everyone charge the trenches and get mowed down.