Administration's Proposed Budget Would Kill Hopes of Reopening Lordstown Plant
The budget calls for canceling the Energy Department's loan guarantee program
President Donald Trump’s proposed budget would kill a loan program that an electric-truck company is counting on to revive an Ohio factory vacated last year by General Motors Co., which angered Trump.
The company, Lordstown Motors Corp., is seeking a $200 million loan from the Advanced Technology Vehicles Manufacturing Loan Program. The Energy Department initiative doled out billions of dollars to help companies retool factories to build advanced electric vehicles, including a $465 million loan to Tesla Inc. for its Model S in 2010, which the company repaid in 2013, according to the department’s website.
Lordstown Motors plans to hire as many as 400 workers by the end of 2020, according to Representative Tim Ryan, an Ohio Democrat who has urged the department to approve the loan.
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