Bankrupt Lordstown Motors to Pay $26 Million to Settle SEC Probe

Bankrupt electric vehicle manufacturer Lordstown Motors Corp. agreed to pay $25.5 million to settle US Securities and Exchange Commission allegations that the firm exaggerated the demand for its electric pickup truck.

The automaker made misleading statements about its pre-orders for the truck, called the Endurance, and misrepresented how quickly it could deliver the trucks, according to the SEC. The firm rose to prominence after former US President Donald Trump hailed it for saving auto-maker jobs.

Donald Trump during a tour of the Lordstown Motors 2021 Endurance electric pickup truck on the South Lawn of the White House in 2020.

Photographer Ken Cedeno/Sipa/Bloomberg

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A lawyer for the Lordstown, Ohio-based company declined to comment. The automaker ...