GM Sells Stake in Lordstown Motors
March 3, 2022—General Motors has sold its minority stake in embattled EV startup Lordstown Motors.
According to a report from the Detroit news, a GM spokesperson said the automaker sold its 7.5 million shares, less than 5 percent of the total company, in the fourth quarter last year.
The sale comes as Lordstown continues to struggle to produce its Endurance electric pickup. The startup purchased GM's Lordstown Assembly plant in Ohio back in 2019; GM invested $75 million into the company to "facilitate the sale of the plant" and to restart production per the report, though Lordstown has still not begun production.
The startup saw a 20 percent decrease in its stock prices after company leaders reported an "underwhelming forecast" for vehicle deliveries.