General Motors sold its stake in Lordstown Motors, an electric vehicle startup that has struggled to get its first vehicle, the electric pickup truck Endurance, to production, reports the Detroit Free Press.
GM’s 7.5 million shares of common stock, which was less than 5% of the company, had an initial equity value of $75 million. The automaker sold its stake in the fourth quarter of 2021 following an undisclosed lock-up period.
The news comes after Lordstown disclosed a widened loss of $81.2 million, or $0.42 per share, for the fourth quarter. During its earnings call on Monday, the startup shared plans to produce and sell up to only 3,000 Endurance trucks through 2023, with 500 of those expected to sell this year. That is, if the company raised more money. On Monday, Lordstown told …
