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Lordstown

AP Photo/David Dermer, File

Lordstown Motors has received an investment of up to $400 million as the struggling electric truck maker continues to push toward production of its new pickup this fall.

The Ohio company, which has been under scrutiny over the claims it has made about the number of orders it has received for its trucks, said in a filing Monday with the Securities and Exchange Commission that hedge fund YA II PN Ltd agreed to to buy up to $400 million worth of its shares over three years.

AP Photo/Tony Dejak, File

The top two executives at Lordstown Motors have resigned as problems at the Ohio electric truck startup mount.

CEO Steve Burns and Chief Financial Officer Julio Rodriguez stepped down, the company said early Monday, sending shares already down 40% this year tumbling more than 21%.

When electric pickup maker Lordstown Motors took over an old General Motors plant in Ohio in 2019, it had big ambitions — and made a lot of promises.

It promised a revival for a community agonizingly familiar with lost jobs. It named itself after the town, Lordstown, and named its future truck the Endurance, after the region's enduring residents.

And it promised a fast timeline. Lordstown aimed to bring the first mass-produced electric pickup truck to market, built right there in that old GM plant.

Electric vehicle maker Lordstown Motors says it now has more than 100 thousand orders for its new pickup truck.

When the last Chevy Cruze rolled off the line at the General Motors Lordstown assembly plant in March 2019, Bill Janik was there.

"If you saw the sign that said 'the last Cruze,' I made it and I hung it on the car," he said.

Janik worked at the plant for 17 years before it shut down. His wife had been there for 25 years.

Over the course of a few years, GM Lordstown went from employing 4,500 people to essentially none.

Associated Press

During a campaign stop hosted by concrete contractor Nickolas Savko Monday in Columbus, Vice President Mike Pence criticized Mayor Andy Ginther's removal of the Christopher Columbus statue from the City Hall grounds.  

chicagotribune.com

General Motors will have to return 28 million dollars in state tax credits after closing the Lordstown plant last year. 

lordstownmotors.com

The company that purchased the former General Motors plant in Lordstown has announced a merger.  

When the General Motors plant in Lordstown, Ohio, went dark last year, it was a familiar story for the region. Yet another manufacturing powerhouse — a pillar of the local economy and a rare source of good jobs — was shutting down.

But the closure of the plant was not the end of the story. The factory was sold to Lordstown Motors, a startup building an electric pickup truck that's scheduled to be unveiled on Thursday.

General Motors

State officials are weighing whether to force General Motors to repay 60 million dollars in tax breaks after it closed the Lordstown plant last year. 

The Trump administration wants to eliminate a loan program that could help an electric vehicle maker with its plan to reopen the former GM plant in Lordstown. 

Ohio lawmakers are proposing a discount on a new all-electric vehicle that will be produced in-state.  

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. 

General Motors and LG Chemical plan to make battery cells for electric-powered vehicles, unveiling a joint venture that they expect to create more than 1,100 jobs in northeast Ohio. The companies say they'll invest up to $2.3 billion in the venture.

The project is centered around Lordstown, Ohio, where GM shuttered a plant last March that had produced the Chevrolet Cruze. The new plant in the Lordstown area will make battery cells for GM's upcoming all-electric vehicles, from a Cadillac sedan to a new electric truck that's slated for release in late 2021.

media.gm.com

A new company led by the founder of an upstart electric truck maker is buying the former General Motors plant in Lordstown that shut down last March amid criticism from President Trump. 

whitehouse.gov

President Trump once promised that coal and steel would be the heart of a revived U.S. economy. 

Updated at 6:08 p.m. ET

Some 40 days after United Automobile Workers walked off the job, picketing General Motors plants and grinding operations to a halt, the labor union's members have ratified the tentative deal their representatives struck with the automaker earlier this month. The UAW announced the deal's approval after voting ended Friday.

Employees will return to work as instructed by GM.

The contract was approved by 57.2%.

media.gm.com

The tentative four year contract between General Motors and the United Auto Workers Union gives workers a mix of pay raises, lump sum payments and an 11 thousand dollars signing bonus. 

General Motors workers made big concessions to help pull the automaker out of its 2009 bankruptcy. Now, the company is making record profits.

But, the Warren Transmission plant in Michigan shut its doors at the tail end of June, and most of the workers have been placed at other plants. It's a ghost factory.

President Trump stepped up his attacks on General Motors today and called on the company to move jobs back to the United States from overseas.

Trump said in a tweet that the automaker's U.S. workforce was now the smallest in Detroit, noting that the company has shed jobs, "despite the saving help given them by the USA."

Associated Press

General Motors says Vice President Mike Pence was incorrect in saying that a fledgling electric vehicle maker and a new affiliated company have secured funding to buy GM's closed Lordstown plant. 

General Motors

A federal judge has denied General Motors' request to dismiss a lawsuit filed by the United Auto Workers claiming the company violated the union's contract by not sending workers from its closed Lordstown plant and elsewhere to a plant in Indiana. 

Associated Press

Members of Ohio's congressional delegation came away with few answers after meeting Wednesday in Washington with the head of General Motors about the future of its shuttered Lordstown assembly plant. 

vindy.com

It appears the United Auto Workers Union will not sign off on plans to sell the closed General Motors plant in Lordstown to Cincinnati-based eletric truck maker Workhorse Group. 

Plans are in the works to sell the closed General Motors plant in Lordstown to a company that intends to build electric trucks there.

General Motors

General Motors says in a statement last night the future of Lordstown and other plants scheduled to be closed will be resolved between GM and the United Auto Workers Union. 

The theme of Governor Mike DeWine’s first State of the State address was building for the future. 

General Motors

General Motors says the Lordstown plant, the first of five North American facilities it plans to close by 2020, will end production of the Chevy Cruze on Wednesday. 

The United Auto Workers has filed a federal lawsuit against General Motors to stop the closing of plants in Ohio, Michigan and Maryland, claiming their collective bargaining agreement forbids the closing or idling of plants. 

@BrianKempGA/Twitter

President Trump told governors yesterday that automakers are returning to Ohio and other states, a remark he’s said before that fact checkers have found to be untrue.

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