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GM sells stake in EV startup Lordstown Motors -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : A new GM logo can be seen on the Detroit headquarters of General Motors, Michigan, U.S.A, March 16th, 2021. REUTERS/Rebecca Cook

(Reuters] General Motors Co stated Tuesday that it has sold its shares in Lordstown Motors Corp., an electric vehicle startup.

Jim Cain, GM spokesperson said that the Detroit automaker sold its 7.5million shares through a series on sales to the market during the fourth quarter. However, the proceeds did not affect GM’s financial results.

GM did not disclose how much it had received in total.

Lordstown reported a larger fourth-quarter loss on Monday. It had previously predicted that it would sell approximately 500 Endurance pickup trucks in this year’s first year.

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