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Originally Posted by radar
Yah I’m not sure of the corporate relationship there anymore. I know the roots of Lordstown was workhorse and I have tended to associate the two but now I read those ties have been cut. I know GM has purchased some common stock in Lordstown but not sure how invested they are.
Thanks for the tip.
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All 3 companies are public owned & traded on stock exchanges, so there must be some way to track the financial deals.......
As I understand it, GM "sold" their Lordstown facility to the current EV company by "loaning" them the $$ to make the purchase, and GM apparently got an ownership stake in the EV start-up company as collateral for the loan. This "arrangement", and the one between Lordstown Motors and Workhorse Group, are examples of how confusing it can be for us laymen to really know what is going on in the push to minimize use of fossil fuels in vehicles.
Don't get me started about NY State's program to give taxpayer $$ to large public for-profit Corporations (like FedEx and UPS) to subsidize their purchase of EVs that replace diesel-powered "final delivery" vehicles. Both Lordstown and Workhorse stand to benefit from these "grants", and neither of them is located in NY State.