GM loans $40 million to firm to acquire, retool shuttered Lordstown, Ohio, factory

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GM loans $40 million to firm to acquire, retool shuttered Lordstown, Ohio, factory
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General Motors Co confirmed on Monday it agreed to loan $40 million to an electr...

) confirmed on Monday it agreed to loan $40 million to an electric vehicle start-up to facilitate the acquisition of its shuttered Lordstown Assembly plant in Ohio.

The loan agreement, which was reported earlier Monday by the Business Journal in Youngstown, was filed in Trumbull County last week. Lordstown CEO Steve Burns told Reuters last month he hopes to have pre-production prototypes coming off the assembly line by April and to start production by November 2020 with an initial workforce of 400 hourly workers.

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