A loan of $40 Million has been agreed by General Motors to the company that has been newly formed and is trying to make pickup trucks that are electric at the assembly plant in Ohio, which GM had shut earlier in the year.
There is an agreement between these two companies that is also going to allow General Motors the buying back of the plant till the month of May in the next year as per the documents which had been filed in the last week. The amount which is available is going to be beyond enough for covering the price tag of the plant of $20 Million.
The company which is known as Lordstown Motors Corp. had in the previous month announced that it had made the purchase of the factory which had once been active as it used to make the Chevrolet Cruze till the March of the last year.
This new company has the desire of making the electric trucks here by the end of the year 2020; however, it has further said that there have to be more investors before they can begin with the manufacturing.
The decision of GM to end the production in the factory where it had been employing as many as 4,500 employees had come two years earlier and became the focus of politics after the plan had received criticism from President Donald Trump in the previous year and had pushed the executives of GM to maybe open the plant again or sell it off.
The company spokesperson for GM has said that the company is trying to help the Lordstown Motors to stick to the schedule of the launch and the company has no intention of buying the plant back.
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