GM Sells Lordstown Motors Stock, Walks Away From its 5% stake in the troubled, would-be Electric Truck company.
– feels like a bit of a stretch. Nevertheless, the would-be carmaker has been hailed as a potential savior for the town of Lordstown, Ohio, and many people in the area hope the company succeeds. Success, of course, means jobs, which the region desperately needs. In an apparent vote of no confidence, GM has reportedly sold its 5% stake in Lordstown on the open market, according to GM Spokesperson Jim Cain.
“We were a small investor in the company,” Cain told the Detroit Free Press. “The goal [of our investment] was to help facilitate the sale of the plant and the restart of production.” The rest of the article doesn’t paint any rosier of a picture for the electric truck startup. The Freep writes, “On Monday, Lordstown Motors reported its fourth-quarter net loss widened to $81.2 million compared with a loss of $38 million in the year-ago period, as it was hit with $115 million in expenses. For the full year, the startup reported a $410 million loss compared with 2020’s year-end loss of $102 million.
, and is selling a portion of its Ohio factory HQ to Chinese tech giant, Foxconn, for a reported $230 million. Foxconn will help the company actually build a truck someday. It’s believed that Lordstown Motors has enough money to operate through 2022, even without the Foxconn deal, but its CFO, Adam Kroll, has been quoted as saying that the company needs to finalize its deal with Foxconn
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