Lordstown Motors states its failure to make a $570,000 tax payment on the assembly plant it bought from Common Motors in northeastern Ohio was “an unlucky administrative error.”
Missing the March 5 payment means the startup now owes a penalty of $57,178 as very well, according to the Tribune Chronicle in Warren. A different payment is owing Aug. 6, and if Lordstown Motors doesn’t pay about $1.2 million by then, the county would contemplate the firm delinquent.
“We are in the course of action of having to pay all residence taxes, fees and any assessed penalties that are owing,” enterprise spokesman Ryan Hallett explained to Television set station WFMJ in Youngstown.
Lordstown Motors purchased the GM plant for $20 million in November 2019. The corporation aims to commence output of the Endurance, an electrical pickup, this drop, followed by an electrical supply van in 2022.
The firm’s path towards output has been bumpy, with its stock rising to $31 a share just before plummeting by about two-thirds following a report by a quick vendor claimed Lordstown misled buyers about preorders and the creation timetable for the Endurance. In addition, traders have submitted four course-action lawsuits against the corporation.