Electric vehicle start-up Lordstown Motors on the verge of bankruptcy, new SEC filing reveals

-
Electric vehicle start-up Lordstown Motors – which has promised to launch its Endurance pick-up in late 2021 – is teetering on the edge of bankruptcy, a 10-K/A form filed with the United States Securities and Exchange Commission (SEC) overnight has revealed. “We require additional capital to implement our business plan, and it may not be available on acceptable terms – if at all – creating substantial doubt as to our ability to continue as a going concern,” the company said in the report.

Comments

Post a Comment

Popular posts from this blog

2024 Toyota Yaris Cross updated in Europe with new tech, more hybrid power

-
Image
Europe’s Toyota Yaris Cross has received a mid-life update with more power, a revised look and new technology. Plans for the Australian version are yet to be announced. The updated 2024 Toyota Yaris Cross small SUV has been unveiled in Europe with an upgraded hybrid powertrain and new styling.  This is the first update for the Yaris Cross – the SUV sibling to the Toyota Yaris hatch – since it was first introduced to the Australian market in 2020.  Mirroring changes to the European-market Yaris hatch, the 2024 Yaris Cross in Europe brings with it mild styling changes to the exterior and interior of the SUV, improved safety features, and a more powerful hybrid system.  While pre-orders in Europe are due to commence this month, there’s no word on when we can expect to see the updates flow onto the Yaris Cross in Australia.  European-market Yaris Cross vehicles are manufactured in France, whereas Australian-delivered examples are built in Japan. Most ...
Read more

Volvo ‘ES90’ electric sedan due next year

-
Image
Volvo’s largest luxury sedan appears set to be rebooted in Australia with electric propulsion and a new name. EXCLUSIVE The Volvo S90 limousine is due to be revitalised next year – and return to Australia – with electric power, as Volvo commits to sedan, hatchback and wagon body-styles in the battery-powered era. Confidential plans unearthed by Drive indicate development of an electric successor to the Volvo S90 sedan – the company’s rival for the BMW 5 Series and Mercedes-Benz E-Class , but which has not been available in Australia since 2019 – is well underway. It is believed the new vehicle – which could wear the ‘ES90’ name, if trademark filings are a guide – could arrive in Australian showrooms by the end of 2024. Drive understands the new ES90 electric sedan – a rival for the Tesla Model S , Mercedes-Benz EQE and more – will borrow heavily from – or share – its ‘SPA2’ electric-car architecture with the new EX90 large electric SUV. MORE: Volvo’s electric futu...
Read more

New Alfa Romeo 33 Stradale supercar unveiled with petrol and electric power

-
Image
Alfa Romeo has rebooted the iconic 33 Stradale of the 1960s with a limited-edition, custom-built, multimillion-dollar supercar available with twin-turbo V6 petrol, or full battery power. The Alfa Romeo 33 Stradale name has been revived for a new supercar, unveiled in Europe overnight ahead of first customer deliveries overseas due late next year. The new car is a modern reboot of the original 1967 33 Stradale, which was the road-going version of the Tipo 33 race car of the day, and is considered one of Alfa Romeo’s most iconic cars. Limited to 33 examples, all sold out, the new 33 Stradale will be available with an enlarged version of the twin-turbo petrol V6 familiar to Alfa Romeo performance cars today – or solely electric power, as the first battery-powered vehicle unveiled by the Italian car maker. With each vehicle to be custom-built to the customer’s specifications by boutique Italian ‘coachbuilding’ company Carrozzeria Touring Superleggera, prices are estimated to e...
Read more

Ineos Grenadier gets converted into a camper with Australian-made pop-top

-
Image
Mere weeks after hitting the road in Australia, this Ineos Grenadier has already had the roof chopped and converted into a pop-top camper. Ineos Grenadier Pop-top camper The Ineos Grenadier four-wheel drive now has a pop-top conversion available , thanks to Australian company Expedition Centre. Based in Sydney, Expedition Centre has been making pop-top conversions for Land Rover Defenders and Toyota LandCruisers since 2009. But now with the Ineos Grenadier hitting the road in Australia, Expedition Centre has quickly turned its attention to the new, old-school four-wheel-drive wagon. Similar to conversions Expedition Centre has been doing on Defenders and LandCruiser Troopcarriers, the roof of the Grenadier is removed and modified to fit in a slatted 1.3-metre wide Fanello Bed. Hinged at the front and latched at the back, the roof can ‘pop’ open to create additional sleeping and living space inside the vehicle. The roofline of the Grenadier is raised by around 250...
Read more

Renault and Nissan production delays due to global cyber attack

-
Image
Renault and Nissan ‘s Sunderland production facility has been the victim of a global cyber attack, causing costly production delays. The global cyber attack began late last week and has so far affected more than 75,000 systems in 100 countries. The attack hits vulnerable Microsoft Windows machines and encrypts the user’s filesystem, taking it ransom. The user is asked to pay a fee of US$300 to have their computer unlocked. While the attack can easily be prevented by updating the operating system, many automated machines and dumb terminals connected to the internet are being infiltrated. A Renault spokesperson told  Autocar, “Groupe Renault confirms it was impacted by the global cyber attack that began late on Friday May 12. It consists of a Ransomware virus. Proactive measures were taken immediately in order to stop the spread of the Virus and protect the group,” the spokesperson said. “A full diagnosis is in progress in order to put in place the appropriat...
Read more

2024 Toyota LandCruiser 70 Series facelift spy photo

-
Image
A blurry image found online appears to show an updated Toyota LandCruiser 70 Series. Is Australia’s oldest ‘new’ car about to get another facelift – or is this a retro-inspired model for Japan? A Toyota LandCruiser 70 Series has been photographed in Japan with what appears to be its first makeover in more than 15 years – and it could be in showrooms by the end of this year. The blurry image – which appears to have been taken from a security camera, and shared by @oriba_lc300 and Kurdistan Automotive Blog on Instagram – shows a LandCruiser 76 Series wagon in Japan with a camouflage wrap over the front fascia and a new wheel design. Details are difficult to make out, but the grille appears to wear ‘ TOYOTA ‘ heritage script – similar to the 70th Anniversary special edition unveiled two years ago – and the headlights look to be different from the model in showrooms today. For now it is unclear if this new front-end styling will come to Australia – or if it will be a Japan ex...
Read more

2022 Land Rover Defender 110 SE D300 v 2022 Nissan Navara Pro-4X Warrior comparison

-
Image
These two very different machines take different approaches to the same solution of moving families around town and venturing well beyond the beaten track. So, what happens if we compare the two? Overview They’re not exactly two peas in a pod, but this is an interesting comparison to flesh out. They’re both four-wheel drives that can never be accused of bargain status, which bring a pedigree of off-road capability and on-road competence. And as is the nature of their breed, both the 2022 Land Rover Defender and Nissan Navara Warrior tend to include a heavy dose of practicality and utility within their off-road chops. Both go about their business in a different manner. One, is a brutish factory-modified ute with fettled rubber and suspension in a quest for a better overall end product. The other has a nameplate steeped in traditional off-road history, but approaches it from a decidedly 21st Century point of view. But, the hypothetical question still stands: if t...
Read more

2024 Mazda 3 update due this year with technology upgrade – report

-
Image
The Mazda 3 small car is slated to receive an upgraded interior with a larger infotainment screen in the coming months, according to a new report. The current Mazda 3 pictured throughout. An updated 2024 Mazda 3 small car is coming soon to showrooms with improved technology, according to a new overseas report. Japanese website Creative Trend reports the Mazda 3 hatchback and sedan range is slated to receive a moderate upgrade in the northern spring of 2023 (Australia’s autumn, from March to May) – about four years after the current model went on sale. Leading the updates is said to be a larger infotainment screen, now measuring 12.3 inches in top-of-the range models – up from 8.8 inches today, and matching Mazda’s newly-introduced CX-60 SUV. This update is expected to serve as the mid-life ‘facelift’ for the Mazda 3 – which went on sale four years ago – but unusually, the Japanese website says there are “no major changes to the interior and exterior design” p...
Read more

New Hyundai Venue due in 2025 – report

-
Image
The next generation of Hyundai’s smallest SUV in Australia may be two years away, as the South Korean automaker commits to compact, budget-priced cars – even if only as an SUV. The next generation of the Hyundai Venue city SUV is due in overseas showrooms in 2025, according to a new report from Indian publication Autocar India . Hyundai has reportedly locked in a successor to what is currently its smallest SUV in Australia following its popularity in India, where more than 450,000 have been sold since 2019, according to Autocar India . The Indian publication reports production of the next Venue is due to commence at Hyundai’s new Talegaon factory in India – purchased from General Motors – in 2025. It is yet to be confirmed if and when the new Venue will come to Australia, and it is unclear if production will continue in South Korea – where Australian models are currently produced – or if it will move elsewhere. It has been a relative sales success in Australia – whe...
Read more

JAC T9 ute from China slated for 2024 Australian launch

-
Image
The JAC T9 – a double-cab ute made by a Chinese truck company – is expected to launch in Australia next year, with the first examples due to arrive for local evaluation in the coming months. The JAC T9 ute from China is expected to launch in Australia next year. The local distributor for the Chinese state-owned truck manufacturer says the first examples are due to arrive for evaluation in the coming months. As reported in December 2022 , JAC Auto is planning to return to Australia after a stalled start almost a decade ago. The Chinese brand originally tried to launch locally with trucks but withdrew from the market after failing to get any traction in the commercial vehicle market. JAC’s Australian importer, BLK Auto, previously claimed the T9 ute would go on sale with diesel power in late 2023 – before a battery-powered electric model arrives in 2024. However, BLK Auto managing director Jason Pecotic has now said the first examples of the JAC T9 dual-cab are expected to ...
Read more