The carmaker has exited the electric truck developer having sold the 7.5 million shares it owned, following the latter's poor financial performance.
Automotive manufacturer General Motors (GM) divested its stake in US-based electric pickup truck developer Lordstown Motors in late 2021, Detroit Free Press reported yesterday.
Founded in 2019, Lordstown is developing all-wheel-drive electric trucks under the Endurance brand that will be equipped with separate hub motors on each wheel, reducing the number of moving parts involved.
The corporate paid $75m for 7.5 million shares in Lordstown equating to a stake sized at under 5%, in February 2021, as part of the…
