GM agrees to loan Lordstown Motors $40 million for start-up

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It looks like GM will hold onto to some options to repurchase the plant and use some of the land around it

General Motors

Courtesy: The Associated Press

LORDSTOWN, Ohio (WKBN) – New details are coming to light about Lordstown Motors Corporation and who is giving the business some financial backing.

According to court documents filed in Trumbull County, General Motors has agreed to loan the company startup costs in amount of $40 million.

It looks like GM will hold onto to some options to repurchase the plant and use some of the land around it.

Lordstown Motors Corporation plans to make an all-electric pickup trucks at the plant. Product is expected to start after the plant is retooled, which could take several months

Just recently, GM announced it was partnering with LG Chem to build batteries in Lordstown. A site for that plant hasn’t been released, but GM CEO Mary Barra said it will be in the Lordstown area.

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