Workhorse: Lordstown Sold to EV pickup truck maker

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Thread: Workhorse: Lordstown Sold to EV pickup truck maker

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    Workhorse: Lordstown Sold to EV pickup truck maker

    Trump says GM will sell shuttered Lordstown, Ohio plant to electric truck maker Workhorse
    Nathan Bomey
    USA TODAY
    May 8, 2019

    General Motors is poised to sell the northeast Ohio factory that it's closing to a little-known maker of electric pickups, President Donald Trump said Wednesday on Twitter.

    While Trump has been known to mischaracterize these types of deals, the president claimed that GM CEO Mary Barra told him about the plan to sell the Lordstown, Ohio, factory to Workhorse Group.

    GM said it's "discussions" to sell the plant to an entity affiliated with Workhorse, which "could bring significant production and electric vehicle assembly jobs to the Mahoning Valley."

    GM announced in 2018 that the Lordstown plant would cease production as part of the automaker's sweeping plan to kill most of its passenger cars. The Lordstown plant made the Chevrolet Cruze compact car, which is being discontinued.

    CONTINUE AT LINK ABOVE
    Last edited by nadepalma; 05-08-2019 at 04:51 PM. Reason: Reformatted; moved to newsticker
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    Re: Lordstown Sold?

    If true, that's great for the people of Lordstown.

    Rather than retooling the plant to build Blazers or some other vehicle that's in demand, GM sells the means for a competitor to eventually grow and hurt them.
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    Re: Lordstown Sold?

    So....is this where we are? Apparently we're now making up companies to claim a win? Has anyone even heard of "Workhorse" electric trucks?

    Edit: Apparently they're real, lets see how this plays out...good news for the Lordstown folk if this pulls through and is viable.
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    Re: Lordstown Sold?

    Trump's Tweet:

    GREAT NEWS FOR OHIO! Just spoke to Mary Barra, CEO of General Motors, who informed me that, subject to a UAW agreement etc., GM will be selling their beautiful Lordstown Plant to Workhorse, where they plan to build Electric Trucks. GM will also be spending $700,000,000 in Ohio in 3 separate locations, creating another 450 jobs. I have been working nicely with GM to get this done. Thank you to Mary B, your GREAT Governor, and Senator Rob Portman. With all the car companies coming back, and much more, THE USA IS BOOMING!
    -There's no final agreement yet until there is an agreement with the UAW

    -Workhorse could get a factory, but they're going to be stuck with the UAW

    -GM and Workhorse media teams are probably scrambling right now

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    Re: Lordstown Sold?

    Quote Originally Posted by sdotjeezy View Post
    So....is this where we are? Apparently we're now making up companies to claim a win? Has anyone even heard of "Workhorse" electric trucks?

    Edit: Apparently they're real, lets see how this plays out...good news for the Lordstown folk if this pulls through and is viable.
    This news has crashed their website, but here's their facebook page.
    https://www.facebook.com/workhorsegroup/

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    Re: Lordstown Sold?

    Quote Originally Posted by BahamaTodd View Post

    -There's no final agreement yet until there is an agreement with the UAW

    -Workhorse could get a factory, but they're going to be stuck with the UAW

    So, their genesis occurs on the same day that the seeds to their eventual destruction are sown.
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    Re: Lordstown Sold?

    That workhorse looks exactly like a GM truck. They gotta be related somehow. Square wheel wells, rear bumper foot steps, rear door window shape upwards to the pillar...
    It still has the gas cap on the left side and in an article, the power outlet is on the right side.

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    Re: Lordstown Sold?

    Quote Originally Posted by BahamaTodd View Post
    This news has crashed their website, but here's their facebook page.
    https://www.facebook.com/workhorsegroup/
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    Re: Lordstown Sold?

    Official statement from GM:
    https://media.gm.com/media/us/en/gm/...workhorse.html

    DETROIT — 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.

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    Re: Lordstown Sold?

    GM sells Lordstown to Workhorse.

    Workhorse builds trucks.

    GM buys Workhorse.

    GM buys back Lordstown.

    ...

    Profit?
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    Re: Lordstown Sold?

    According to Automotive news the UAW has not agreed to this:
    https://www.autonews.com/manufacturi...ic-truck-maker

    The UAW was unimpressed by the announcement, contending that GM instead should assign a new product to the facility.

    “In response to General Motors’ announcement today, the UAW’s position is unequivocal: General Motors should assign a product to the Lordstown facility and continue operating it,” UAW Vice President Terry Dittes, director of the UAW-GM Department, in a statement.
    Last edited by BahamaTodd; 05-08-2019 at 12:17 PM.

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    Re: Lordstown Sold?

    This is Workhorses stance on the union according to this SEC filing:
    https://www.streetinsider.com/SEC+Fi.../14953519.html

    Our business may be adversely affected by union activities.

    Although none of our employees are currently represented by a labor union, it is common throughout the automotive industry for many employees at automotive companies to belong to a union, which can result in higher employee costs and increased risk of work stoppages. Our employees may join or seek recognition to form a labor union, or we may be required to become a union signatory. Our production facility in Union City, Indiana was purchased from Navistar. Prior employees of Navistar were union members and our future work force at this facility may be inclined to vote in favor of forming a labor union. Furthermore, we are directly or indirectly dependent upon companies with unionized work forces, such as parts suppliers and trucking and freight companies, and work stoppages or strikes organized by such unions could have a material adverse impact on our business, financial condition or operating results. If a work stoppage occurs, it could delay the manufacture and sale of our trucks and have a material adverse effect on our business, prospects, operating results or financial condition. The mere fact that our labor force could be unionized may harm our reputation in the eyes of some investors and thereby negatively affect our stock price. Consequently, the unionization of our labor force could negatively impact our company’s health.

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    Re: Lordstown Sold?

    workhorse is a going concern and a spin off of NAVISTARS custom chassis operations - they make motorhome and "parcel car" chassis and such
    they have in testing / pre production electric powered parcel cars being tested/ used by UPS and other carriers

    they have shown a electric pick up with a gas "range extender" and claim target price of $50K

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    Re: Lordstown Sold?

    Quote Originally Posted by BahamaTodd View Post
    According to Automotive news the UAW has not agreed to this:
    https://www.autonews.com/manufacturi...ic-truck-maker



    Way to shoot yourself in the foot boys.

    At least wait until the deal is official to be a naysayer rather than chase off any chance of a new buyer.
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