DETROIT, May 8, 2019 /PRNewswire/ -- 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.
Today, GM also announced it is creating 450 new manufacturing jobs in Ohio at its facilities in Toledo, Moraine and Parma.
Workhorse Group Inc.(NASDAQ:WKHS) is a technology company focused on providing electric mobility solutions to the transportation sector. As an American original equipment manufacturer, we design and build high performance battery-electric vehicles including trucks and aircraft. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information visit workhorse.com.
General Motors (NYSE:GM) is committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Cadillac, Chevrolet, Baojun, Buick, GMC, Holden and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, Maven, its personal mobility brand, and Cruise, its autonomous vehicle company, can be found at http://www.gm.com.
View original content:http://www.prnewswire.com/news-releases/gm-in-discussions-with-cincinnati-based-workhorse-group-to-sell-its-lordstown-ohio-complex-300846478.html
SOURCE General Motors
General Motors, Jim Cain, 313-407-2843, firstname.lastname@example.org; Workhorse Group, Tom Colton, 949-574-3860, WKHS@gatewayir.com