Lawmaker concerned over company funding Lordstown Motors

Local News

LORDSTOWN, Ohio (WKBN) – Senator Sherrod Brown, D-Ohio, talked about Lordstown Motors and the company that is investing in its future.

Owners of the new electric truck plant turned to what’s known as a special purpose acquisition company for its funding. But recently, Brown questioned the chairman of the Securities and Exchange Commission about these businesses, which are also known as SPACS.

“Too often they make promises to local workers and local businesses in the supply chain, local communities and then don’t follow up on those promises,” Brown said. “I’m very concerned about these kinds of financial instruments.”

Brown says he and his staff will continue to watch over the progress of Lordstown Motors as it begins production.

In a statement Thursday evening, Lordstown Motors made the following statement:

The Lordstown team is hard at work building a limited number of vehicles for testing, validation and regulatory approvals for the remainder of this year and early next. 

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