Embattled electric truck company Lordstown Motors has enough funding to operate through May 2022 and remains on track to begin limited production of its Endurance electric pickups in late-September following an executive shakeup that ousted the start-up's CEO and founder, executives said Tuesday.

The company's new Chairwoman Angela Strand called it a "new day" for the company, which raised bankruptcy concerns after warning investors last week that it had "substantial doubt" about its ability to continue as a going concern in the next year.

Shares of Lordstown Motors soared by as much as 14% during the event before leveling off at about $10.20 a share, up 10.2%.

"It's a new day at Lordstown and there are no disruptions, and there will be no disruptions, to our day-to-day operations," she said during a webcast for the Automotive Press Association. "We remain committed to inspiring, building and maintaining confidence and transparency in our relationships with each other at Lordstown and, very importantly, with our customers, our partners, our suppliers and our shareholders."

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