Why Lordstown Motors Shares Are Trading Higher Today

Shares of Lordstown Motors RIDE are trading higher Tuesday after comments from the executive team of what’s next for the company.

What Happened: Lordstown announced it has firm orders a week after executives said there were no binding orders and the company was running out of cash.

“Currently we have enough orders for production for ’21 and ’22,” President Rich Schmidt said at a Tuesday event.

Lordstown Motors CEO Steve Burns and its Chief Financial Officer both resigned from the company earlier this week.

Schmidt declined to comment on an ongoing SEC inquiry into the company. He said Lordstown is looking for additional funds from early investors including General Motors Co GM.

RIDE Price Action: Shares of Lordstown Motors are up 9% to $10.12 at publciation time.