General Motors Co. loaned the buyer of its half-century-old assembly plant in Ohio $40 million to help the cash-strapped startup roll out an electric pickup truck.
The transaction to support Lordstown Motors Corp. and its debut model, called Endurance, is essentially a mortgage, Jim Cain, a GM spokesman, said by email. He declined to give the terms of the loan.
The financing GM provided covers Lordstown Motors's purchase of the former GM complex in Lordstown, Ohio, and some initial startup costs, the Business Journal reported Monday, citing legal documents filed late last week. The publication, based in nearby Youngstown, said the factory and adjoining land sold for $20 million earlier this month, citing records from the Trumbull County auditor.