Keeping it in the Family... Dewine should Deliver for WKHS and Lordstown 2005 2018 Dec. GM Closing Lordstown Plant in 2019, Cutting Thousands of Jobs 2019 Trump's promises appear to have been broken But then something happened GREAT NEWS FOR OHIO! Just spoke to Mary Barra, CEO of General Motors, who informed me that, subject to a UAW agreement etc., GM will be selling their beautiful Lordstown Plant to Workhorse, where they plan to build Electric Trucks. GM will also be spending $700,000,000 in Ohio... Steve Burns created Lordstown Motors, which would end up being a separate entity from Workhorse Group. Workhorse puts electric pickup development on hold Lordstown Motors would own the former GM plant and Workhorse would retain a 10% stake in the company. He said creating a new company will make it easier to take on the $450 million he thinks Lordstown Motors needs to reconfigure the GM factory and get the pickup, called Endurance, into production (especially since Workhorse is publicly traded and its investment options are more limited). He explained why he’s pursuing the same Department of Energy’s Advanced Technology Vehicles Manufacturing loan that helped put Tesla on the map a decade ago, despite the fact that no one has received money from the program since 2011. 2019 Results Announced and Details Released about LMC/WKHS split But Burns didn't count on Trump ending the program Trump Budget Would Ax Loan Program Sought to Revive Lordstown Plant Pence visited Lordstown and unveiled the new Endurance pickup truck Mike Pence says Donald Trump kept jobs promise in Lordstown plant that used to employ thousands'
Pence lauded Workhorse as a Savior to Ohio, but where would the money come from? Taking in Just $70 a Day,Lordstown GM Plant Savior Workhorse is in trouble The Ohio Governor appeared nervous Dewine: Lordstown deal's success hinges on Loveland company getting postal service contract But LMC had its act together... Dewine impressed by new electric pickup, Lordstown plant Ohio put pressure on GM over closing the plant Ohio wants General Motors to pay back $60 million after shutting down Lordstown plant But they had something else in mind... GM invests in Lordstown Motors merger that will make it publicly traded They almost simultaneously announced plans to build a battery plant next door to Lordstown Motors https://gmauthority.com/blog/2020/04/general-motors-begins-work-General Motors Begins Work on New Lordstown Battery Plant So back to the funding.... SPAC deal announced Under the deal, which implies a $1.6 billion valuation for the company, Lordstown Motors will receive $500 million in financing (through a private investment in public equity) from Fidelity, Wellington Management, the Federated Hermes Kaufmann Small Cap Fund, and funds managed by BlackRock. In a statement, Lordstown Motors said the deal will allow it to begin production of its flagship Endurance pickup truck in the second half of 2021. Lordstown Motors to List Shares Through SPAC The Endurance’s estimated sale price is $45,000 net of a $7,500 tax credit. Lordstown also acquired Workhorse's W-series preorders and paid Workhorse for intellectual property. Workhorse will receive a royalty on Lordstown's first 200,000 pickup trucks sold and holds 10% of LMC, guaranteed to be undiluted for the next two years.
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AuthorI own a roofing company in Brighton, TN. I'm married with two kids 12 dogs and 3 cats. I enjoy motorcycles, peach sangrias, traveling and long walks on the beach. But enough about me...let's talk WKHS! ArchivesCategories |