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GM lending $40M to startup company buying closed Lordstown plant

Lordstown Motors wants to begin making electric trucks at the former GM plant by late 2020.

LORDSTOWN, Ohio — General Motors has agreed to loan $40 million to a newly formed company that wants to make electric pickup trucks at a massive Ohio assembly plant GM shut down earlier this year. 

Documents filed last week show the agreement also would allow GM to buy back the plant up until next May. 

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Lordstown Motors wants to begin making electric trucks at the former GM plant by late 2020. But it said in November it still needs more investors before manufacturing can begin. 

A GM spokesman says the loan is structured to help Lordstown Motors stick to its launch schedule.

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