by Gabrielle DeSantis

As MotorBiscuit mentioned earlier today both CEO and founder Steve Burns and CFO Julio Rodriguez have bailed on Lordstown Motors. Last week Burns bluntly stated in an SEC filing that if Lordstown was to survive the near future it needed more cash. Of course, the problem with that is it has not produced a single electric truck and few prototypes. But Lordstown has been stating until recently it planned on beginning production in September. 

Lordstown investors are, and rightly should be, freaking out

Now the whole company is one hot mess. Investors are, and rightly should be, freaking out a bit over this latest drama. In the short term Angela Strand, currently, Lordstown’s lead independent director will take over as CEO. But only until a new one can be found.

Becky Roof will be the interim CFO, a woman with extensive finance experience. As you would expect shares of Lordstown have crashed. But there is more bad news.

A special board committee announced today that some disclosures it made about its EV pickup “were inaccurate.” This internal investigation was prompted by short-sellers Hindenburg Research labeling much of Lordstown’s orders to be non-existent. That Lordstown itself is now saying Hindenburg might be right (at least about some of Lordtown’s claims) compounds the company’s troubles. 

Former Lordstown Motors CEO Steve Burns still holds 27 percent of its stock

But the real fireworks still might be on the horizon. Here’s why. Now former CEO Steve Burns still holds 27 percent of Lordstown stock according to Yahoo Finance. If he decides over the next week or so to dump those shares then the writing is on the wall. That is clearly a signal that the end is near, or even here now.

Former Nikola CEO Trevor Milton sold a bunch of his shares after Hindenburg Research exposed Nikola’s shortcomings in 2020. Dumping those shares has put a lot of pressure on the going price of Nikola stock. It is hard to see Nikola ever coming back from the one-two punch of Hindenburg’s revelations and Milton quitting then dumping the stock.

The other big question is what Lordstown does with its in-hub motor design going forward. This electric power plant is a unique aspect of Lordstown’s Endurance truck. If the new management that will be taking over at some point doesn’t feel it worth further development, then that probably signals the end. 

Will Lordstown Motors need more time to develop a new power plant?

Investment firm Morgan Stanley says that “an alternative motor strategy or an entirely different product and go-to-market strategy altogether may be required to preserve sustainable equity value.” If true, that is not good. It would mean that Lordstown would need more time to develop whatever it decided to adopt as a power plant before any trucks began production. 

Morgan Stanley goes on to say, “It is our understanding that Steve Burns was the primary proponent of the in-hub motor system.” The inference is that without Burns fathering the system along, there wasn’t much support inside or outside of the company. Further development and delay would be the death knell for Lordstown. 

The entire board has been sitting back observing the continuing drama at Lordstown

And finally, some on the board of directors are tight with Burns. So where does his departure leave them? Plus, the entire board has been observing the continuing drama at Lordstown-some would say they helped create it. 

So investors-at least those who are left, should and probably will call for the board to be purged with new blood. So the stage is being set for still more turmoil to come. And what about the management team and culture that Burns personally assembled? 

It is becoming an endless line of falling dominos. One bad move leads to another, and another. One would think that investors clearly have limited stomachs for any more drama, yet that is what looks to be the Lordstown story moving forward. 

RELATED: Are The Feds Closing In On Lordstown Motors?

The post Lordstown Motors is a Hot Mess: Here’s What to Watch For Next appeared first on MotorBiscuit.

by Gabrielle DeSantis

For those who are looking to buy a brand-new subcompact SUV, Volkswagen will be trying to sell you the 2022 Taos. The Volkswagen Taos is one of the latest cars to enter the American market, and it has quite a few attractive offerings already. Indeed, one of its options packages, the Basecamp Package, will add a new dynamic to the 2022 VW Taos.

An overview of the 2022 Volkswagen Taos

While the Volkswagen Taos only started arriving in America in 2020, VW has actually been producing it for a bit longer. It’s proven itself abroad, and VW is hoping that it’ll prove itself in America too. Off the bat, since it’s a subcompact SUV, the Taos will be relatively affordable, as it has a starting price tag of just over $24,000.

It comes with a 1.5-liter turbocharged four-cylinder engine that gets 158 hp, but more importantly, it gets pretty good fuel economy. The Taos should get about 28 MPG in the city and 36 MPG on highways, for 31 MPG combined. Inside the Taos’ cabin, VW gave it a pretty standard interior for a smaller SUV as it has enough features for the average person but not enough to be too pricey.

With that being said, one of the coolest aspects about the Taos is its optional packages. The Basecamp Package, which was a concept for the Taos, has now become a reality for every Taos owner.

The 2022 VW Taos’ Basecamp Package

While there may be some differences between the Basecamp concept that VW released earlier and the Basecamp Package that, according to MotorTrend, VW has made available to all Volkswagen Taos owners, at their core, the two are very similar. Overall, the Basecamp Package aims to provide the Taos with the necessary accessories to transform the car from being just another subcompact SUV into an off-roading SUV.

The Basecamp Package, which costs about $999, is an accessories package, and although it won’t necessarily change much about the Taos’ fundamentals, it will make it look more stylish and outdoorsy. With that being said, while many of the upgrades are just looks, there are some practical additions to the Taos, too.

For example, according to MotorTrend, the Basecamp Package will also add, “custom plastic body cladding, front and rear fender flares with integrated splash guards, and lower side plates.” Getting the Basecamp Package will also open up an exclusive catalog of other accessory options for owners. That exclusive catalog includes things like carpeted floor mats, Bumperdillo guards, and more.

Who should buy the Basecamp Package?

Like MotorTrend wrote, ultimately, the Basecamp Package is an excellent accessories package for folks who want their SUV to look “adventurous.”  The Volkswagen Taos can certainly play the role of an everyday SUV that’s going from Point A to Point B for errands and what not, but like many SUVs, it can also be used for funner things. The Basecamp Package, therefore, is a relatively affordable accessories option for folks who use their SUV for fun, adventurous things.

On top of that, not only is the Basecamp Package for show, but some of its additions do have practical purposes for folks who are taking their Taos out for a good time. As such, the roughly $1,000 price tag that VW has put on the package is a fair price to pay for a package that outdoorsy people may need or want for their Taos.

For folks who are looking to go all-in on making their Taos into an adventurous SUV, VW has other options too. For instance, while front-wheel drive is standard, there is an option that’ll give the Taos all-wheel drive instead. No matter how you configure your VW Taos, it’s certainly a new SUV to keep your eye on.

RELATED: Who Should Buy the 2022 Volkswagen Taos?

The post The Basecamp Package Adds a New Dynamic to the All-New 2022 Volkswagen Taos appeared first on MotorBiscuit.