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Keyword: lordstown

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  • Electric truck startup Lordstown Motors warns it may go out of business [Ohio]

    06/09/2021 10:29:41 AM PDT · by Olog-hai · 37 replies
    CNN Business ^ | 11:44 AM ET, Wed June 9, 2021 | Chris Isidore
    Lordstown Motors, the startup electric truck maker, warned Tuesday it is close to running out of cash and may be forced out of business in the next year. The news, which sent Lordstown shares down about 20% in midday trading Wednesday, is a blow to not only the company but also to the gritty industrial town from which it gets its name. For 53 years, Lordstown, Ohio, was home to a massive General Motors plant, which GM closed in 2019. The car giant sold the 6.2 million square foot factory, nearly twice the size of the Pentagon, later that year...
  • Ohio E.V. Manufacturer Fails Despite Millions in Taxpayer Subsidies

    06/27/2023 2:49:53 PM PDT · by nickcarraway · 26 replies
    Reason ^ | 6.27.2023 | Joe Lancaster
    Lordstown Motors received $24.5 million to operate an Ohio factory. G.M., the factory's previous owner, received $60 million before shuttering it.Upstart electric vehicle (E.V.) manufacturer Lordstown Motors announced on Tuesday that it had filed for Chapter 11 bankruptcy. The company simultaneously sued Taiwan-based electronics manufacturer Foxconn, its largest investor, for fraud and breach of contract. No matter how either scenario shakes out, it's all part of a long and shameful saga of crony capitalism. In March 2019, General Motors (G.M.) shuttered its plant in Lordstown, Ohio, open since 1966. Automobile factory closures are nothing new, but in 2009, amid high...
  • Taxpayers Shelled Out Millions To Boost Electric Vehicle Maker That Just Went Belly Up

    06/28/2023 3:10:15 AM PDT · by george76 · 61 replies
    Daily Caller News Foundation ^ | June 27, 2023 | Will Kessler
    Electric Vehicle maker Lordstown Motors Corp. (LMC) announced it was filing for Chapter 11 bankruptcy Tuesday despite receiving millions in taxpayer funding through tax breaks and grants. LMC received $4.5 million from JobsOhio, a private nonprofit that collects funds through a government-mandated monopoly on spirituous liquor sales, according to Cleveland.com, and $20 million in tax credits to be paid out over 15 years by the Ohio Tax Credit Authority, according to Business Journal Daily. LMC also received a $40 million loan from the previous owner of the plant, General Motors, who received $60 million in subsidies from the state of...
  • Lordstown Motors files for bankruptcy, sues Foxconn

    06/27/2023 1:19:57 PM PDT · by CFW · 24 replies
    Reuters ^ | 6/27/23 | Mike Spector, Joseph White and Dietrich Knauth
    U.S. electric truck manufacturer Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn (2354.TW). Shares of Lordstown tumbled 35% in trading on the Nasdaq. The company's bankruptcy is not the first among the crop of EV startups that went public during the pandemic-era SPAC boom. But Lordstown was a high-profile member of that class because it was challenging the core of the legacy Detroit automakers' business of high-margin pickup trucks, and because of its location. "The bankruptcy of Lordstown signals that...
  • Lordstown halts production, shipments of Endurance electric trucks to address quality issues

    02/23/2023 10:16:27 AM PST · by CFW · 16 replies
    CNBC ^ | 2/24/23 | Michael Wayland
    Lordstown Motors said Thursday it will suspend production and deliveries of its all-electric Endurance pickup to address performance and quality issues with certain components. The electric vehicle startup, which partnered with Foxconn for vehicle production at an Ohio plant, said the team is working with suppliers on the root cause analysis of each issue and potential solutions, which “in some cases may include part design modifications, retrofits, and software updates.”
  • Is Lordstown Motors for real? Ohio is betting big on the electric truck startup (fraudulent?)

    03/24/2021 12:41:43 PM PDT · by dynachrome · 43 replies
    Cleveland.com ^ | 3-24-21 | Andrew J. Tobias,
    Ohio has a lot riding on the success of Lordstown Motors. Last year, Gov. Mike DeWine declared the electric vehicle startup “the future” while visiting the plant, the site of a shuttered General Motors assembly plant near Youngstown, about six months before state officials approved it for $20 million in tax credits. Secretary of State Frank LaRose last week was the latest in a procession of state officials who, after touring the plant, lauded the company’s promise for the economically beleaguered Youngstown area. JobsOhio, the state’s private economic-development arm, has pledged $4.5 million in grants to the company. Former President...
  • VP Mike Pence visiting Lordstown for unveiling of new electric Endurance truck

    06/25/2020 6:52:06 AM PDT · by mylife · 33 replies
    WOIO ^ | 6/25/2020 | John Deike and Rachel Vadaj
    VP Mike Pence visiting Lordstown for unveiling of new electric Endurance truck Lordstown Motors Corp. purchased the plant from GM in November 2019, after the auto giant decided to scale back its production of the Chevy Cruze VP Mike Pence visiting Lordstown for unveiling of new electric Endurance truck The Lordstown Motors Endurance electric truck will be priced just north of $50,000. (Source: Lordstown Motors Facebook page) By John Deike and Rachel Vadaj | June 25, 2020 at 4:36 AM EDT - Updated June 25 at 4:36 AM LORDSTOWN, Ohio (WOIO) - Vice President Mike Pence will visit the Youngstown...
  • Endurance debuts June 25

    06/16/2020 5:45:10 AM PDT · by mylife · 14 replies
    tribune chronicle ^ | 06/16/20 | RON SELAK JR.
    Lordstown Motors Corp. will give the public its first glimpse of the startup’s all-electric Endurance pickup truck during a June 25 event at the company’s headquarters in Lordstown. Lordstown Motors Corp. will give the public its first glimpse of the startup’s all-electric Endurance pickup truck next week at the company’s headquarters in Lordstown. The June 25 launch at the facility, the former General Motors assembly plant, was given the OK by the state with 150 to 200 guests practicing social distancing and wearing masks / goggles amid the viral outbreak. Company officials had planned to publicly reveal the Endurance this...
  • Dem to offer bill to expand electric vehicle tax credit

    04/01/2019 12:20:37 PM PDT · by jazusamo · 35 replies
    The Hill ^ | April 1, 2019 | Naomi Jagoda
    Rep. Ro Khanna (D-Calif.) said Monday that he's planning to introduce legislation in the coming weeks to expand the electric vehicle tax credit and link it to domestic manufacturing, calling the bill a way to help both the environment and the economy. "That's a pretty concrete application of how the Green New Deal can create jobs in the United States," Khanna, the first vice chair of the Congressional Progressive Caucus, told reporters. Under current law, people who purchase new electric vehicles can receive a tax credit of up to $7,500. The amount of the credit phases out after a manufacturer...
  • [snip] Tesla founder 'would be interested' in taking over General Motors' idled factories

    12/07/2018 5:48:24 PM PST · by Eddie01 · 26 replies
    daily mail ^ | Dec. 7, 2018 | ANNIE PALMER
    Full Title: Could Elon Musk save the jobs of GM workers? Tesla founder 'would be interested' in taking over General Motors' idled factories Elon Musk is eyeing General Motors' once-occupied plants. The billionaire tech mogul said it's 'possible that [Tesla] would be open' to taking over automakers' old plants, such as the five factories closed by GM last month. The comments came during Musk's wide-ranging interview with CBS' '60 Minutes.' GM CEO Mary Barra announced in November that the car manufacturer would close five factories in North America and lay off some 14,700 workers as a result. Musk indicated that...
  • 2,000 GM workers to lose jobs on Trump Inauguration Day

    01/18/2017 7:12:55 PM PST · by Mariner · 54 replies
    CNN Money ^ | January 18th, 2017 | by Heather Long
    Robert Sheridan is a 40-year-old GM worker who voted for Donald Trump. He can barely contain his excitement about Inauguration Day, even though it will be a rough day for him on a personal level. He's one of 2,000 GM factory workers losing their jobs on Friday, the same day that Trump will be sworn in as the 45th president. Sheridan -- and thousands like him -- are desperately hoping Trump will save their jobs. "Please help us in Lordstown," says Sheridan, a soft-spoken Midwesterner with three kids. "This is a great middle class job. You can't find one better...