DETROIT — Normal Motors has offered its stake in beleaguered EV startup Lordstown Motors.
GM offered its 7.5 million shares over the course of the fourth quarter, GM spokesman Jim Cain instructed Automotive Information. The Detroit Free Press reported the sale earlier Tuesday.
GM invested in Lordstown in August 2020 “to assist facilitate the sale of the plant and assist give the corporate a chance to restart manufacturing,” Cain stated.
Within the fourth quarter, Foxconn agreed to purchase the plant for $230 million, and Lordstown started constructing and testing pre-production Endurance electrical pickups, Lordstown stated.
The provision agreements between Lordstown and GM stay intact, stated Cain.
In 2020, GM agreed to offer Lordstown with elements, together with airbags, steering columns and steering wheels. The settlement has been renewed by means of Dec. 21, 2026 and required a pre-payment of $17.eight million from Lordstown, in response to a company filing.
Lordstown on Monday stated it expects business manufacturing and gross sales of the Endurance to achieve 500 models in 2022 and as many as 2,500 models in 2023.
These targets are far beneath Lordstown’s unique manufacturing objectives. The corporate had anticipated to construct 2,000 Endurance pickups in its first yr, adopted by 32,000 models throughout the first full yr of manufacturing, in response to CNBC.