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Originally GM sold it for $20mil to Lordstown Motors. That was later forgiven in exchange for 4.5% (7.5mil shares) of the company. So if it goes under, GM got nothing for it. Net loss, ZERO profit.
I thought GM sold the plant for $20 million, but also loaned $40 million to Lordstown. If they go under GM is out $20 million.

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GM Loans Ohio Plant Buyer $40 Million to Launch Electric Truck
Lordstown Motor Corp., which purchased GM's Lordstown plant last month, received a $40 million loan, enough to cover the sale as well as some of the plant's startup costs.
 

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Before we beckon the Lordstown hearse, it is possible some entity gives them a loan and they continue forward producing their Endurance trucks.
 

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If Lordstown doesn't recover before GM reveals the SIlverado EV (which should be feature competitive with the F150 Lightning but offer over 400 miles of range), that will probably be the final nail in the coffin.

AT $52k for 250 miles of range for the Lordstown Endurance even the $40k 230 mile Lightning is a no-brainer over it.
 

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Lordstown Motors does still have all 200,000 $7500 federal tax credits available which GM does not and Ford will only have a small % by the time the Lightning arrives.
 

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On a related/not-related note, my father was big into snowmobiles, he bought his first snowmobile in 1969 and even started a small replacement parts business that he ran on the side for 30+ years, so I've been in and around "snowmobiles" my entire life, anyway..........

Back in the late 1960's and early 1970's EVERYONE was getting into the snowmobile market, I'm sure there were 50-100 manufacturers; they dropped like flies, by the late 1970's early 1980's only a handful remained. Some of the last few that died were Kawasaki, John Deere and Scorpion - Today only Arctic Cat, Polaris, Ski-Doo and Yamaha remain, those 4 were all strong/established brands in the late 1960's and early 1970's.

For me, it's almost like watching a movie I've already saw.
Yup, this is a story/movie that repeats in the early days of a lot of industries.

All those car brands from the early 20th century that are no longer around, all the personal computer companies that are no longer around (anyone remember Commodore, Tandy, Gateway etc.?), the search engines that are no longer around (Excite, Infoseek, AltaVista etc.), ...
 

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Lordstown Motors does still have all 200,000 $7500 federal tax credits available which GM does not and Ford will only have a small % by the time the Lightning arrives.
That might be moot if that bill is passed with $12.5k tax credits and no volume cap.

Ignoring the $12.5k bill, I wonder if the $7,500/200,000 would pass to GM if they were to buy Lordstown Motors. I tend to think not, otherwise they'd keep buying these little startups to reset their $7,500/200,000.

With Ultium so close to production with plants under construction, equipment ordered, I bet GM has the near future already mapped out and has no need for Lordstown. But of course they can change plans, if they can cancel equipment orders and easily use what Lordstown has built.... But if they do that, it might be at the expense of another GM plant - sounds like with BEV they'll need less plants, not more. GM might raise the hackles of the union if they buy Lordstown and shut another one down (unless the other plant is in Mexico, then the union will be all for it).
 

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All this sorta sucks, but I guess Hindenburg called it right again. Ohh, what could have been....
 

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Haven't seen any Cybertrucks out there either though.
Yeah, but you've seen at least 2 model 3s and a Model Y today right? Throw in a pair of Model Ss and that's just about what I've seen today. Like it or not, Tesla is a real automaker...do they have some shady sales tactics? Yes, but they produce actual cars that actually drive on the road in the hands of actual owners.
 

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Yeah, but you've seen at least 2 model 3s and a Model Y today right? Throw in a pair of Model Ss and that's just about what I've seen today. Like it or not, Tesla is a real automaker...do they have some shady sales tactics? Yes, but they produce actual cars that actually drive on the road in the hands of actual owners.
No, I haven't seen any Tesla's today. I came home sick, nursing a cold. :(
 

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Originally GM sold it for $20mil to Lordstown Motors. That was later forgiven in exchange for 4.5% (7.5mil shares) of the company. So if it goes under, GM got nothing for it. Net loss, ZERO profit.
That plant was paid for long, long ago by the millions of H- and J-bodies that were built there. GM unloaded a plant that was an donkey on their books. And they had potential upside. The downside is they charge off the loss. This was a good move for GM.
 
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