General Motors is negotiating a deal to sell its shuttered factory in Lordstown, Ohio, to a start-up company that builds electric trucks
Workhorse Group, which has a portfolio that includes step vans and this pickup truck concept is hopeful to strike a deal with the UAW, which will allow it to acquire the Lordstown, Ohio plant from GM.is negotiating a deal to sell its shuttered factory in Lordstown, Ohio, to a start-up company that builds electric trucks.
Shares of the Ohio-based automaker, which makes electric vehicles, jumped more than 150%. The stock was last trading at around $2.35 after opening at 82 cents on Wednesday. Workhorse has a market value of just $109 million. “We remain committed to growing manufacturing jobs in the U.S., including in Ohio, and we see this development as a potential win-win for everyone,” said Mary T. Barra, G.M.’s chairwoman and chief executive, said in the statement. “Workhorse has innovative technologies that could help preserve Lordstown’s more than 50-year tradition of vehicle assembly work.”
Workhorse has a checkered history. The company was founded in 1998 by investors who took over the production of General Motors' P30/P32 series step-van and motorhome chassis business., which had been selling the company diesel engines. Navistar then shuttered the Ohio plant building the vehicles in 2012 to cut costs after having suffered heavy losses pon the business.
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