(Reuters) – General Motors Co (NYSE:) confirmed on Thursday it has sold its shuttered Lordstown Assembly plant in Ohio to a start-up that has an ambitious plan to begin building electric pick-up trucks by the end of 2020.
Lordstown Motors Corp, which is 10% owned by Workhorse Group Inc, has retained an Ohio investment bank and is working to raise additional capital, said Lordstown chief executive Steve Burns in an interview.
The company has been working on the engineering of the new truck called Endurance and hired Rich Schmidt, a former director of manufacturing at Tesla (NASDAQ:) Inc as chief production officer.
GM said Thursday it believes “LMC’s plan to launch the Endurance electric pickup has the potential to create a significant number of jobs and help the Lordstown area grow into a manufacturing hub for electrification.”
GM is not investing in the venture. The purchase price was not disclosed.
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