General Motors agrees to loan $40 million to a newly formed company that wants to make electric pickup trucks at a massive Ohio assembly plant GM shut down earlier this year.
The agreement between the two companies also would allow GM to buy back the plant up until next May, documents filed last week show. The amount available would be more than enough to cover the $20 million price tag for the plant.
The new company wants to begin making electric trucks by late 2020, but it also said that it still needs more investors before manufacturing can begin. GM spokesman Jim Cain said the company wants to help Lordstown Motors stick to its launch schedule and that the company does not expect it would buy the plant back, nor is it an investor in Lordstown Motors.The loan agreement, first reported by the The Business Journal in Youngstown, also would give GM the chance to lease land next to the Lordstown plant.
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