GM is selling its stake in embattled EV startup Lordstown Motors
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 the Detroit Free Press.
The 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.
The stock sale signals the beginning of the end of GM's relationship with Lordstown. The company traces its origins to GM's announcement in 2018 that it would be closing down its Lordstown factory. Then-President Donald Trump assailed GM...