General Motors (GM) has sold its stake in troubled electric vehicle (EV) startup Lordstown Motors.
GM sold all of its 7.5 million shares in EV startup Lordstown Motors in Q4, as confirmed by GM spokesperson Jim Cain on Tuesday, according to Automotive News.
The news comes just months after Foxconn bought the Ohio Lordstown Motors plant with plans to develop its own EVs for the U.S. market.
GM initially purchased a stake in Lordstown in 2020, and Cain says to move was “to help facilitate the sale of the plant and help give the company an opportunity to restart production.”
Now that the plant is post-sale, GM has its hands full with other EV projects, such as the Chevy Silverado EV which surpassed 110,000 preorders last month, or the GMC Hummer EV which began delivering over the past few months.
As Lordstown looks to focus on a new commercial production target of just 500 units of its Endurance electric pickup in 2022, and as many as 2,500 units in 2023, the company remains partnered with GM over the supply of parts.
GM will supply Lordstown’s EVs with airbags, steering columns and steering wheels, and a company filing showed that the partnership was renewed through December 2026 following a pre-payment of $17.8 million from Lordstown.
