Lordstown Failed To Pay $570K In Taxes Last Month: AP

Lordstown Motors Corporation RIDE failed to pay $570,000 in real estate taxes due in early March, the Associated Press reported on Tuesday. 

What Happened: The Ohio-based electric vehicle startup has a delinquent tax bill for all of its four properties. The company spokesperson told WKBN-TV, a local news channel, that the delinquency was an “unfortunate administrative error” and it is in the process of paying its dues.

Why It Matters: The company has had a spate of bad news to deal with recently. Earlier this month its soon-to-be-launched electric pickup Endurance failed to complete a desert race, clocking only about 40 miles, just one-seventh of the total distance of 290 miles.

See Also: Lordstown Motors Debut Earnings Report Gets Clouded In SEC Inquiry Reveal

In March the company announced its debut quarterly results and reported a loss of $38.2 million. The company told investors during a post-earnings call that it is cooperating with an information request from the U.S. Securities and Exchange Commission related to short-seller accusations of misleading investors.

Price Action: Lordstown Motors closed 2.64% higher at $10.49 per share on Tuesday and were down about 1% in the extended trading hours. The stock is down about 48% on a year-to-date basis.

Read Next: Fisker, Lordstown Could Be EV Latecomers, Goldman Sachs Says In Downgrade

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