Lordstown traces it origins to the closing of a GM factory.
General Motors is selling its stake in Lordstown Motors, an electric vehicle startup that has struggled to produce its first vehicle. GM owned 7.5 million shares, or less than 5 percent of the company, with an initial equity value of $75 million. The news was first reported by theThe sale was made during the fourth quarter of 2021 following an undisclosed lock-up period. James Cain, a spokesperson for GM, confirmed the sale, while a spokesperson for Lordstown declined to comment.
Since buying it, Lordstown Motors has put about $240 million worth of work into getting the factory ready to build its electric pickup truck, the Endurance. It went
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