GM sells its stake in troubled electric pickup maker Lordstown Motors
Lordstown recently reported a loss of $81.2 million for the fourth quarter, and said in an earnings call earlier this week that it planned to sell only 3,000 of itselectric trucks through 2023 — a far cry from the 32,000 it predicted when it went public via a SPAC deal back in 2020. It aims to build 500 of those this year, but it will need to raise an additional $250 million to do so. that it didn't have enough cash to produce its electric trucks.
GM got involved with Lordstown Motors after closing its Lordstown, Ohio plan in 2019, and selling it to EV manufacturer Workhorse, founded by Burns. Burns subsequently started Lordstown Motors with the aim building electric pickups at the plant, and obtained $75 million in investment from GM.
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