Is Lordstown Motors Relationship With Camping World Over?
A former partner of Lordstown Motors Corp (NASDAQ: RIDE) is distancing itself amid the struggles the company faces and the resignation of its CEO and CFO. What Happened: A Twitter post highlighted Lordstown halting its collaboration with Camping World Holdings Inc (NYSE: CWH) to put its focus on near-term survival. The relationship with Camping World appears to be over, according to its CEO Marcus Lemonis. We are launching electric world with an amazing assortment from around the globe. Lordstown Motors will not be part of that, Lemonis said. The comments from Lemonis seemed to back up the fact that Lordstown Motors had put its RV/camper efforts on the backburner as it faces cash concerns for its Lordstown Endurance electric pickup truck. We are not working with them, Lemonis replied to a user asking about a relationship between the two companies. This comment suggests Camping World has ended its ties with the struggling electric vehicle manufacturer. Related Link: Lordstown Motors Overhauls Management; CEO, CFO To Step Down  Why Its Important: A joint press conference in December 2020 highlighted the two companies working together. Camping World said it would service the Lordstown Motors vehicle at 170 locations across the U.S. and partner to provide nationwide roadside. We can sell more than he can make, Lemonis said of the Endurance truck, We felt our infrastructure would help Steve and Lordstown.  Camping World suggested it could sell the truck at locations in the future. The companies also partnered on efforts to make an electric motor home/RV by late 2021. An SEC filing highlighted on Twitter shows Camping World and Lordstown were in discussions and may not have signed an actual deal. Benzinga reached out to both Lordstown Motors and Camping World Holdings and did not receive a comment back. Price Action: Shares of Camping World are up 3% to $37.84 on Monday. Lordstown Motors shares are down 4% to $10.20.