GM Floating Loan To Firm Planning To Operate At Lordstown Plant
General Motors has agreed to loan 40 million dollars to a newly formed company that wants to make electric pickup trucks at the Lordstown plant GM shut down earlier this year.
The agreement also gives GM until next May to buy back the plant. Lordstown Motors wants to begin its work by late 2020. But it said in November it still needs more investors. GM says the loan is structured to help the firm stick to its launch schedule.