Lordstown Motors CEO on early EV fleet orders, reviving GM plant and hiring

Lordstown Motors CEO Steve Burns joined Jim Cramer on "Mad Money" to discuss steps the start-up has taken to put an all-electric truck on the road in 2021. Subscribe to CNBC PRO for access to investor and analyst insights: cnb.cx/2Vtntx6
When General Motors decided to pull the plug on a sedan plant in northeast Ohio almost two years ago, the Detroit-based automaker was reacting to America’s growing interest in trucks and SUVs.
The move eliminated more than 1,300 jobs, creating a headache for Lordstown, Ohio, and the local economy that depended on the factory, drawing the ire of President Donald Trump.
Lordstown Motors, an electric vehicle start-up that now owns the assembly plant in its namesake city, is giving the manufacturing site new meaning and hopes to employ more at the plant than its predecessor by the end of 2021. The company is manufacturing Endurance, an all-electric pickup.
“We’re in a race to bring this back to life and, you know, come out with the first electric pickup truck in the United States,” Steve Burns, the chief executive of Lordstown Motors, told CNBC’s Jim Cramer in a “Mad Money” interview.
Lordstown Motors, which bought the site from GM and began trading on the Nasdaq in late October via a special purpose acquisition, expects to double its staff at the plant to 500 by the end of next month and hire another 1,500 workers there in 2021.
The company is trying to restore purpose in the local community after GM ended production of the slow-selling Cruze sedan, the only vehicle being assembled at the factory, which operated there for five decades.
“It had been here for 53 years and shut down kind of abruptly, so a lot of pain in the area,” Burns said.
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[@jaydavids6485]

Funny to see this now!!

[@jasoncomito]

Funny how Cramer knows that pre-orders are non-binding in this interview, but today he's acting like he was somehow deceived.

[@USGrant21st]

All that hubbub about the pre-orders not being binding is just BS for ignorant public. No pre-orders are ever binding, and there is zero problems about that. Any company that comes with a working full size EV truck at that price point is guaranteed to sell everything they can make and rake orders for years ahead.

[@gladentertainment2018]

@@jasoncomito did you not hear him at @3:24 say "serious orders".. nor did he deny when kramar asked if they were solid and wouldn't back out... multiple times he said these were pre SALES and they were pre SOLD out an entire year.

[@jake78441]

Dont trust this company one bit!

[@konstantinzdorovtsev3513]

and now?

[@RomeuAmeliaShorts]

I remember after the Tesla IPO, Cramer went on TV and said don't buy TSLA. Buy GM instead!

[@tylerfrancis_]

My investment strat is the ‘Do everything Kramer says not to do’

[@lenware2283]

He might be right right now.

[@Hvacmania]

@@lenware2283 really?

[@origins7298]

It says right on the graphic non-binding reservations! Mad money has the graphic saying non-binding reservations! Bottom line is if they can build a great electric truck they'll be plenty of demand

[@snarfer408]

This aged well.

[@krishnamohammed6951]

Well this aged well. 🤣🤣

[@77magicbus]

Excellent interview Jim !

[@gursharansingh3055]

Do the opposite of what Cramer preach and you will do just fine in the stock market

[@johnthatcher8443]

Where's my fellow $13 DPHC holders at!?

[@DavidDelahunty]

Thats awesome man, good stuff 👍

[@investingchair2486]

Yup bought $DPHC at 13.16😂

[@JLT3]

They are all huddled in a corner of their basement, in soiled pants eating wet cigarettes with thousand yard stares..babbling about the phantom orders.

[@tommynickels4570]

Thumbs up if you are watching this after the latest financials and downgrades. Stock under $9 and real concerns on whether or not Lordstown has a viable product. The 100,000 pre-orders turning out to be a debacle. And now Ford announcing the Electric F150. Not good for shareholders.

[@CashisKingtrucking]

I wish we would let GM die next time they file for bankruptcy.

[@alexm566]

whose here after they got exposed?

[@alnika6153]

I am here after they got exposed, and I am telling you that I am more convinced now on their success of their product than ever. Yes, they lied on their preorders but that’s irrelevant to their superior technology. They need money to finance their production but with time this company will make Tesla look as a joke. Motors at the wheal! That’s the future. It eliminates the need for shafts, transmissions and differential. Think of the simplicity.

[@alexm566]

@@alnika6153 source?

[@alnika6153]

@@alexm566 source?! LoL!! The video that we just watched. He just told you that the engine is located at the wheel. Why would you need a transmission? What would you transmit to where? Why would you need a differential when you can have two independent engines left and right and very easily do the job by a program.

[@alexm566]

@@alnika6153 but Rivian and Cybertruck already offer the same thing, except theirs actually work...

[@alnika6153]

@@CeeJay1979US actually, quite the contrary, I never heard of them until the stock took a dive. I bought yesterday for the first time. I bought the deep. I spoke like the opportunist as I am. Speaking of a bag-holder... how much did you loose? LoL

[@JJDBaca]

Jack Spencer Investing channel always covers the EV companies pretty well, and has had multiple interviews with this CEO.

[@PandaWeight]

strange, right?

[@stevenm2949]

@@PandaWeight I was thinking the Same. Wierd that a public company CEO would meet with a young KZbinr

[@jasoncomito]

@@stevenm2949 It is an easy way to reach out to 100,000 investors. Not so weird in this day and age.

[@ChargingForward]

Not sure why everyone keeps saying the Cybertruck isn’t a work truck considering it’s more capable and has a rugged exterior. All because of its shape? I guess we’ll see how this plays out.

[@tenzin4997]

at the end its all about price. u don't buy a car for how many hammer hits it can take.

[@ChargingForward]

@@tenzin4997 The Cybertruck is cheaper. $40k, $50k, or $70k depending on the performance you want. Plus it has more charging infrastructure, more service centers, more everything.

[@KenLuciano300]

@@ChargingForward I thought the cyber truck was 250k it’s bulletproof and everything

[@ChargingForward]

@@KenLuciano300 nope. Not even close to $250k. kzbin.info/www/bejne/bWjMp3Z6a51jaMU

[@mattpatrick2564]

That’s probably a fair question but it’s unlikely Tesla would want to cheapen their brand with fleet business so if the have production capacity of Cybertruck is X and 85 percent of that number will sell at a higher end price point, that doesn’t leave enough for fleet capacity.

[@hankkingsley9183]

One day Jim will realize that electic vehicles don't have engines.

[@careeruse7152]

That's a big boy looking truck, Looking good! I wish them all the success !! Lets get off oil with American Made Trucks !!

[@DavidDelahunty]

I agree, looks great!

[@amols101]

This didn't age well. One more thing, is this GM's second dud EV deal after Nikola?

[@johndavis7112]

Flat out lied on national television...."500 orders from ceo's of big companies"

[@marekkolenda2820]

Inflation everywhere from food to home and stocks market prices.

[@davefroman4700]

Meanwhile labor is now adverse to productivity and efficiency in our economy. The fundamentals are no longer valid.

[@Jon-br8co]

@@davefroman4700 haahaha... 2020 hell of a year.

[@JLT3]

Solid orders......hmmmm. U sure bro?

[@cruiser97eric1]

It was Cramer who called them solid orders first, after initially calling them what they really are, which is non-binding reservations.

[@gladentertainment2018]

@@cruiser97eric1 did you not hear him at 3:24 say "serious orders".. nor did he deny when kramar asked if they were solid and wouldn't back out.

[@westvalley411]

What a bromance Cramer!! Yes Burns burned me with his fleece truck that managed 40 miles in the San Felipe...and I am 90K in the hole. Jokes on me for allowing Cramer to be Burns' stool.

[@susanupham7812]

How does Workhorse measure up to Lordstown ?

[@altcoin5631]

two steaming piles of poop

[@mehdimodar1224]

We got tricked …I’m holding large bag here $12

[@stevecrawford333]

you will never see a fleet of cybertrucks for a govt agency or electric company or construction, it is a show car.

[@shafiaahmad4061]

agreed. Also, a box designed by a 5 year old.

[@sammen89]

Hard to say this early. The Cybertruck is made of unique metal alloys inspired by SpaceX work. It should hold up better than average trucks with no paint exterior to worry about. insideevs.com/news/384312/video-tesla-cybertruck-police-fire-military/

[@Floyd005]

Looks more for military. Bullet proof, dent proof

[@ancientkid1635]

you are so wrong it will be painful police cars will be teslas

[@jamesramsay7504]

Great guest!

[@DavidDelahunty]

Awesome guest!

[@AForEh]

@@DavidDelahunty horrible guest. Don’t be so gullible.

[@MICHGO1]

EASE UP ON THE COFFEE BEFORE FILMING MAN.

[@quiksilver87]

thats his baseline

[@susanburns4402]

Lordstown to $50 this year

[@JLT3]

@The Greatest Minds In History ouch

[@fishingbasswi]

Lol

[@stevenlovewendy]

So. What is GM offering ? Something is at work right here.

[@upnorthyooper1196]

GM probably helped finance the factory for them. GM got a push from Trump because of the jobs lost when the plant closed. And intrun GM is going to get to use there emission credits generated by a automobile plant that dont need them. Emission credits are very valuable to a automaker. That was part of the deal GM made with Nikola was for the emission credits.

[@stevenlovewendy]

@@upnorthyooper1196 Yes! Thank you. I know know one thing more about this deal. There are always something behind close door.

[@10xinvest12]

He said pre-orders! The shorts, and scam lawyers are manipulating the stock. RIDE Captain Ride! $50 by next year - eighteen months!

[@shepherdsknoll]

Cybertruck is not a work truck ?? The Cybertruck will carry as much in its bed as the Lordstown can pull. The Cybertruck can pull almost four times the amount the Lordstown can and has built in 110 and 220 plus air compressor. How is the Cybertruck not a work truck compared to this ? ?

[@shafiaahmad4061]

Because its a "box" no well known fleet company will be buying that thing.

[@TeamAlphaTrading]

because of the price point. Cybertruck is too expensive.

[@jamesmihas4534]

@@TeamAlphaTrading actually it has a lower price point but who knows what they will actually be sold for, still not everyone will want to drive a futuristic looking space vehicle some dudes just like traditional looking pickups and Lordstown is a hot truck I like the look better myself

[@AscendedWarriors]

@@shafiaahmad4061 hahahahahahaha

[@AscendedWarriors]

he means that the people who are used to using traditional pickup trucks are not all ready to change a box truck.

[@101519e]

BURNS IS ANOTHER TREVOR MARTIN.

[@alb.1911]

RIP Ride.

[@J0einOK]

Did they keep ethanol out of the wire covering? Rodents are a major problem in damaging the wiring in rural America.

[@khalidhilali6285]

In this interview, Lordstown CEO Steve Burns, misled about pre-orders of 50,000 trucks and confirmed to his interviewer how solid the deal was, he never mentioned the pre-orders are not binding and not serious! He willingly made investors believe untrue facts. These are the terms he used “Very Serious Orders/ Big Firm Customers.” He made me lose a lot of $$$ in my trade. He should be held responsible for the loss investors suffered, who were misled by his words and statements repeatedly here and on other interviews elsewhere!

[@thedroneexplorer2603]

Read the screen at 1:45 (says non binding very clearly). Jim & CNBC knew exactly what Lordstown had informed them prior to the interview and it was there for everyone to see. Nothing was hidden or undisclosed. Need to do your dd better if you think otherwise

[@khalidhilali6285]

@@thedroneexplorer2603 I am not good with reading, my sight is weak and i do not rely on it, that's why i rely on audio, but since you advised me to do my dd better, I took your advise in consideration and here's what I found: - A bunch of class actions on behave of shareholders, due to the misleading. - Multiple allegations - A scary Hindenburg report - Lordstown Motors faces SEC inquiry... - Maybe we need to advise this reporter Phil to do his dd better too, check it out: kzbin.info/www/bejne/p5uVZXR_hJudnJo - And add this to the list: from minute 15:00 to 18:30 kzbin.info/www/bejne/a3uqhHiZp5WFfbc

[@harrychu650]

They started with 14 employees. How many have they added. What does the production ramp look like.

[@plymcousa3002]

Harry Chu, it’s an 8 billion $ factory so I think they are serious

[@shafiaahmad4061]

@@christopherdaviddigitalcre8887 He already has enough to retire. Smh.

[@WHDACV]

@@christopherdaviddigitalcre8887 I’m guessing you are not fond nikola either 😉

[@WHDACV]

@@christopherdaviddigitalcre8887 ha ha. seems to be a pattern forming. 😀Have a good day.

[@georges5864]

@@christopherdaviddigitalcre8887 dude I like your way of thinking. May I ask your opinion Hyliion? Do you think their story is a fairytale too? Do you trust Thomas Healy?

[@hikintrailsndrinkinales]

I like hearing from this CEO. I disagree with him saying that the Cybertruck isn’t a “work vehicle”, but otherwise I really want to see this company succeed.

[@shafiaahmad4061]

He means the cyber truck really never designated a market when revealed. This truck is commercial first retailers 2nd.

[@Jessica7318]

So far so good for Lordstown or, not so much? :)

[@therogerwilco]

WANT.

[@WHDACV]

Funny gm has vested interest in nikola and lordstown. I’ve seen a few videos after trump endorsed them that they were a scam. Why has no one mentioned gm in all this.

[@gwaterman18]

GM stepped away from nikola when they saw what lordstown plan was

[@MultiCaboose]

@@gwaterman18 fool me me once feel me twice

[@WHDACV]

@@gwaterman18 well technically and according to top people at gm they have not. In fact I believe they said they are continuing talks and see a great future with nikola. That could be smoke but that doesn’t sound like they stepped away.

[@es9382]

GM has nothing to lose

[@jbb.9323]

Cybertruck looks badass.

[@DavidDelahunty]

I agree!

[@TexasCattleman]

What a joke of an interview!

[@dankasttoris]

He couldn’t answer how to deal with maintenance part? No dealerships how to repair?

[@jareddantzlier1561]

Lordstown going to $100

[@gargamelandrudmila8078]

You did buy Lordstown...hold onto it, they are going to at least $1000/share by end of the yr dude. Lordstown has the best tech and GM is backing them just like Nikola.

[@jareddantzlier1561]

@@gargamelandrudmila8078 had to sell but I will relook into them after the AMC short squeeze. AMC will go past $1000

[@thisismansoor]

16 wheeler. Probably draws alot of wattage.

[@jerrylee3887]

This guy is Trevor Milton's Father... The OG EV scammer!!!

[@mr.majestic2667]

We are in the infancy of electric stocks Great Britain just announced no more new gas cars and vans imported after 2030 great for EV stocks for next decade

[@DavidDelahunty]

So many EV companies out there now!

[@Jon-br8co]

@@DavidDelahunty Next couple of years will be the weeding out period... Stay nimble if you're an investor.

[@demri123]

CEOs name is Mr. BURNS???

[@birch4209]

Lol

[@georgepagotelis]

EXCELLENT! Now that he's exposed as faking orders this will play out well...

[@altcoin5631]

Yep, Lordstown just hates paying those property taxes...lol

[@bryanolivo8093]

The cyber truck is a joke.

[@kennethmargulies407]

lol. How’s the endurance? Cybertruck has real orders.

[@noonznoonez]

"Non binding " where's the fraud? Back to $13.00 makes it a great opportunity.

[@thisismansoor]

How are you'll pricing KW. Electric Innovators.

[@tc3983]

Amazing story. Haha. Tools

[@janosik150]

How is it a work truck if you can't load anything on it..

[@shafiaahmad4061]

you can?

[@es9382]

Who said that?

[@LondonCrusader]

June 27th 2023... Lordstown Motors files for bankruptcy.

[@matthewroberts3400]

What a con man..his tone changed after the short seller. We never had real orders. You just said avg 500 from buying CEOs

[@WarriorVinyard]

he is talking about pre-orders ya big dummy

[@matthewroberts3400]

@@WarriorVinyard try have a listen to the latest CNBC video with CEO. Different tone

[@matthewroberts3400]

@@WarriorVinyard kzbin.info/www/bejne/p5uVZXR_hJudnJo

[@zacklee5168]

@@WarriorVinyard Buy Chinese EV, this is another American scam Nikola 2.0! Fisker is next, only legit American company is Tesla

[@ProjectR2R]

First Scott Wapner screaming TSLA getting sued, then I find out Boomer Jim hosted this fraud on Non-Binding, “Serious, Big Firm Customers.” 😂😂

[@GetCloudSkills]

"How much upside could this thing have?" It's $7 today. No upside.

[@HoHoHo5622]

$7 of downside. Giant Bird scooters.

[@joegantz94able]

How's Workhorse Group doing Steve-O??

[@shafiaahmad4061]

Doing great.

[@shafiaahmad4061]

@@christopherdaviddigitalcre8887 Ramping up to production my friend.

[@shafiaahmad4061]

@@christopherdaviddigitalcre8887 next gen vehicles. They have many vehicles on the road. The demand for electric is there now. Time is right.

[@problactive285]

@@christopherdaviddigitalcre8887 that's about how long it took Tesla to become healthy and profitable

[@shootersdream4635]

How is workhorse doing?

[@plymcousa3002]

650 at 7.55

[@georgepagotelis]

$16 after exposed - Cooked the books. How about showing/interviewing these "customers" or big players with 1000 orders. Gee and you folk invested heavily will be sitting on massive paper losses.

[@gordo3582]

3:23 "Very serious orders" (turns out they were not serious, and they were not orders). Hitting mass production by September is a pipe dream. But it gets worse, lets say everything is good like shareholders imagine, and they get a truck out there by year end... sadly the company is still likely to fail. Why? Because the design of this truck is bad, hub motors are inefficient, that means lower range and limited top speeds. They also have questionable long term durability. Tesla cybertruck and ford electric F150 are coming soon, they will probably even beat RIDE to market. Those companies have a proven track record, Ford has an enormous service network. RIDE will not be able to compete. Tesla is already giving a lower price point than RIDE for their truck, plus they have options for self driving. Who in their right mind would buy this unproven RIDE with inferior specs and no service network? You'd have to be a total fool. It was dead before they even got off the ground.

[@stephensmoot8564]

He did it... 50K preorders... They are not orders though... WOW.... $53K ... Bigger battery is no it something to brag about, ffs. They have a gigafactory in OH? $7500 instant rebate? Love how he has NO specification regarding charging? How are people not seeing the lack of specification. They are NOT the only ones focusing on fleets, WTF? Every legacy automaker does dork. $53K is not low ffs

[@jakethompson8737]

A guest on the TV spoke sometime last week about making over $431,000 in 4months with a capital of $100,000, which made me realize that as a beginner i have alot to learn, so please assist me with any pointers or tips that would help me make this much profit, i want to invest for the Christmas.

[@kevinjohnstone4023]

seek the guidance of a professional

[@paulinescholes6797]

I watch youtube videos and take courses , baby steps but it works for me.

[@thepotter867]

I’m a new investor as well and I use a broker Agatha Christine Robinson she’s been guiding me with my investment since I began and I’ve been able to accrue a profit of $426,000 with a principal of $85,000 in 3 months .

[@latoriamartins4643]

Wow I always wanted to invest with a professional but I never knew how to go about it please how do I reach Agatha and how does she help investors?

[@thepotter867]

she assist investor by guiding them, you can find all you need to know about her on google by searching her name, she help individuals manage their private account .

[@Politicallyhomeless957]

This stock is soooo hot right now. It’s like Hansel from Zoolander 🎯

[@29champracer]

Captions, please!!!!

[@DavidDelahunty]

hahaha!

[@chilo31416]

If you build it it, they will come.

[@binzsta86]

Like China's ghost cities... they never came...

[@saulhernandez8620]

How come this guy is always yelling. ??

[@lenware2283]

It is funny to see this now. This guy is a big fat liar. He mislead everyone. I hope he gets sued

[@HJ-jy7fw]

What happens if the country has another shutdown? Can they still produce?

[@davidashley211]

I been wondering that same thing it's like nobody wants to talk about it..

[@amaetfacquodvis2450]

that is Nikola 2.0 :D

[@bluesky5587]

Is this real?

[@goldeneastgun]

Cramer is just another KZbinr.

[@GET2222]

I can’t stand the design of this thing. Even the cybertruck is better. Rivian is beautiful. How is the cybertruck not a competitor at $39k? My landscaper has 3 on order. This ceo is clueless. The cybertruck will be fleeted at a lesser price.

[@MrCoach1957]

I can't understand this guy..

[@Lucky73678]

Apple ...tesla. Samsung.. rest.

[@thehumbledmegan7948]

Lordstown to $100 by 2022

[@alexm566]

10$ puts are up 8,000% today 😅

[@kennethmargulies407]

Wow. Great post. It’s $00.0. Lol😂

[@chrischris1693]

serious but non-binding.

[@lancewilson59]

Jim, I heard you say recently you were dismayed by the news of the so called fake orders for these trucks, but on your banner during this interview it says there are 50,000 non binding orders. Non binding is the key...

[@TheSmashten]

I wish I never watched this

[@thisismansoor]

American Culture

[@JotbotAI-Octavio]

This is doooioooodoooo

[@birch4209]

And the stock is still risingggggggggggg

[@BajaJake]

Does ANYONE give-a-shit about Shepard??? Content is often good, then shep ruins it!

[@shastaweston]

I hate watching this guy but its all that's actively out on yt in regards to Lordstown motors.

[@gghj5754]

Cyber truck is a work truck buddy, I do pool service repairs and buying like half the people under 30

[@shafiaahmad4061]

Its not. No big name fleets are going to be rolling around in that box.

[@davidc2838]

@@shafiaahmad4061 That's only because the CyberTruck is sold out for a couple of years worth of production, at least. And not at a discounted "fleet price".

[@WHDACV]

@@shafiaahmad4061 what big name fleets buy which pickup truck. I don’t see where one or two pickup truck company have dominated and are thus seen by everyone.

[@shafiaahmad4061]

@@WHDACV Couldn't understand your English too well. Ill try to respond. The Endurance has pre orders from the likes of duke energy & first energy. I'm sure there are a ton more not disclosed.

[@WHDACV]

@@shafiaahmad4061 well I’ll try to understand your English too. It doesn’t make sense so that’s why I don’t understand. Are answering a question ? Asking a question? I’ll say it more simply. You said no big name fleets are going to be rolling around in that toolbox I asked what big name fleets do you speak of? Which pickup truck do these big name fleets use that you speak of?

[@Review-This]

Buy NIO. Nikola is a joke company based on hype.

[@resistance110]

China #1

[@abel3619]

I don’t invest overseas. Nikola is a lost cause

[@shafiaahmad4061]

Rather invest here first.

[@nasahmad7693]

🤫🤥

[@3DThird]

Is this the next Nikola?

[@electronicfarts5105]

lolololol

[@JotbotAI-Octavio]

Dogs hit

[@lifestyle4dividends776]

exposed!!! That didn't age well did it? 😂

[@EnkhturDamdinjav]

haha

[@sien481]

Patience is an Investor’s biggest problem and downfall. Relax, this is a short sellers attempt to get in your head so THEY can profit MILLIONS. They may be behind but the product will be made and who would not want to buy this beautiful truck? I’m in on the interest list to buy one.

[@jaredcabrera3934]

I don’t like how he didn’t answer the question Cramer asked, Cramer asked him “What happens if my engine goes bad ?”

[@Jon-br8co]

Inflection point where EV takes over ICE cars... Everything will work itself out organically. If Lordstown drops the ball on EV maintenance, believe me someone will fill that void. Pikes and Shoves in a gold rush.

[@Highlyskeptical]

Fake EV companies draw money from Tesla investors, then big bois pump and dump before it goes kaput. /slow clap

[@Xstevenn]

LMAO

[@encryptorEJ]

I'd rather have a Ford Ranger or Toyota Tacoma with V6 manual transmission.

[@antoniov4152]

Sure fossil ev is the future .

[@jaymc4196]

Not me, I’ll take the endurance all day!

[@pg6533]

Lordstown needs to be shut down! Do not buy the stock!

[@lukenothere1252]

2nd Nikola???

[@jolly-rancher]

Not even close. Nkla was and still is a blatant scam and anyone with higher than room temp IQ saw that from the start.

[@plymcousa3002]

Luke Shocker nooo

[@crozetisles8315]

Nikola is built on hydrogen fuel which has a big question mark as to if it is economical.

[@spacdaddydoug6582]

Nothing like nkla

[@bootypickup]

dont be dumb

[@hectorramirez9889]

Something tells me Amazon or Tesla may buy this company