Whoops.
Lordstown Motors says its failure to make a $570,000 tax payment on the assembly plant it bought from General Motors in northeastern Ohio was “an unfortunate administrative error.”
Missing the March 5 payment means the startup now owes a penalty of $57,178 as well, according to the Tribune Chronicle in Warren. Another payment is due Aug. 6, and if Lordstown Motors doesn’t pay about $1.2 million by then, the county would consider the company delinquent.
“We are in the process of paying all property taxes, fees and any assessed penalties that are due,” company spokesman Ryan Hallett told TV station WFMJ in Youngstown.
Lordstown Motors bought the GM plant for $20 million in November 2019. The company aims to begin production of the Endurance, an electric pickup, this fall, followed by an electric delivery van in 2022.
The company’s path toward production has been bumpy, with its stock rising to $31 a share before plummeting by about two-thirds after a report by a short seller claimed Lordstown misled investors about preorders and the production schedule for the Endurance. In addition, investors have filed four class-action lawsuits against the company.
