CLEVELAND, Ohio (WOIO) - General Motors finalized the sale of the Lordstown plant to a startup company that will use the facility to build electric vehicles.
According to a report from Bloomberg, the facility has been sold to the Lordstown Motors Corp., an electric truck startup company specifically formed to take over the shuttered plant.
The Lordstown Motors Corp. shares affiliation with the Cincinatti-area electric truck manufacturer, the Workhorse Group.
Cincinnati-area based vehicle manufacture Workhorse Group.
Ohio Gov. Mike DeWine and state legislators weighed in on the reported deal.
The sticking point to this deal right now is that Lordstown Motors is not currently funded, they are a startup company that will be looking for investors.
Ohio State Senator Sean O’Brien represents the area.
“Purchasing it from G.M. is the first big step, now the next is raising money, so we’re moving in the right direction, we’re being cautiously optimistic,” O’Brien said.
Senator Rob Portman urged General Motors to invest in the Lordstown Motors startup but according to Senator O’Brien, G.M. has no plans of investment.
"I talked to them about that and at this time they’re not going to do that.
The United Automobile Workers union wasn’t able to convince GM to keep the plant as part of the new labor contract that was ratified in October.
Terms of the sale between GM and the Lordstown Motors Corp. have not been released.