DETROIT, May 8, 2019 /PRNewswire/ -- General Motors
Co. (NYSE: GM) said today it is in discussions with Workhorse Group
Inc. (NASDAQ: WKHS) and an affiliated, newly formed entity to sell
the company's Lordstown Complex in Lordstown, Ohio. The move has the potential to
bring significant production and electric vehicle assembly jobs to
the plant. Upon final agreement, the entity, led by Workhorse
founder Steve Burns, would acquire
the facility. Workhorse would hold a minority interest in the new
entity.
"This potential agreement creates a positive outcome for all
parties involved and will help solidify the leadership of
Workhorse's role in the EV community," said Workhorse CEO
Duane Hughes.
Burns added, "The first vehicle we would plan to build if we
were to purchase the Lordstown Complex would be a commercial
electric pickup, blending Workhorse's technology with Lordstown's manufacturing expertise."
Since last November, GM has been in discussions with the UAW
regarding the impact of changing market conditions on the
Lordstown facility. These
discussions will include this opportunity.
"We remain committed to growing manufacturing jobs in the U.S.,
including in Ohio, and we see this
development as a potential win-win for everyone," said Mary Barra, GM chairman and CEO. "Workhorse has
innovative technologies that could help preserve Lordstown's more than 50-year tradition of
vehicle assembly work."
Upon final agreement with all parties, work could begin
immediately to prepare the facility for new production.
Today, GM also announced it is creating 450 new manufacturing
jobs in Ohio at its facilities in
Toledo, Moraine and Parma.
Workhorse Group Inc. (NASDAQ:WKHS) is a
technology company focused on providing electric mobility solutions
to the transportation sector. As an American original equipment
manufacturer, we design and build high performance battery-electric
vehicles including trucks and aircraft. Workhorse also develops
cloud-based, real-time telematics performance monitoring systems
that are fully integrated with our vehicles and enable fleet
operators to optimize energy and route efficiency. All Workhorse
vehicles are designed to make the movement of people and goods more
efficient and less harmful to the environment. For additional
information visit workhorse.com.
General Motors (NYSE:GM) is committed to delivering
safer, better and more sustainable ways for people to get around.
General Motors, its subsidiaries and its joint venture entities
sell vehicles under the Cadillac, Chevrolet, Baojun, Buick, GMC,
Holden and Wuling brands. More information on the company and its
subsidiaries, including OnStar, a global leader in vehicle safety
and security services, Maven, its personal mobility brand, and
Cruise, its autonomous vehicle company, can be found
at http://www.gm.com.
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SOURCE General Motors