More on Workhorse, the company interested in GM Lordstown - WFMJ.com News weather sports for Youngstown-Warren Ohio

More on Workhorse, the company interested in GM Lordstown

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General Motors announced on Wednesday that it is in talks to sell the now-idled Lordstown Assembly plant to a company interested in building an electric pickup truck.

At 11:18 Wednesday morning, President Donald Trump tweeted out the potential that GM Lordstown could be sold to "Workhorse." 

An Ohio based company, whose penny stock started the morning at just 82-cents but surged more than 214 percent after the President's tweet, according to CNBC.

At one point, the up tick in attention caused the the company's website to crash.

"They are I guess what you would consider kind of a ;tech start-up' that's focused on electric mobility solutions for the transportation sector," said Dan Flores, a spokesperson with GM.

The company is based in Loveland, Ohio, a Cincinnati suburb and employs about 98 full-time workers. It specializes in electric vehicles.

One of those vehicles is an electric pick-up called the W-15.

There's speculation that this could be the style of truck produced in Lordstown.

RELATED COVERAGE: Is this a glimpse of Lordstown's next vehicle?

A reporter with the Cincinnati Enquirer profiled the vehicle. 

"I would say it resembles a Ford F150. Although the interior is a little bit nicer," said Randy Tucker. "They were projecting the retail cost would be about $52,000."

Workhorse also produces larger electric delivery-style vans.

It is already a supplier to UPS and DHL and have announced it's one of several finalists to possibly provide electric trucks to the U.S. Postal Service.

It's a deal Lorstown's future with the company hinges on.

"So we're certainly going to be urging the post office to grant that contract," said Ohio Governor Mike DeWine.

Workhorse products also take to the sky. Surefly is a personal helicopter and Horsefly is a drone package delivery system.

Forbes though calls the company's history "checkered" reporting the company was founded in 1998 and changed hands and names multiple times.

21 News found out Workhorse lost $6.3 million dollars over the first three months of this year and reported a decrease in sales for the first quarter of this year compared to the same time last year.

The company though said year-over-year comparisons shouldn't represent the company's capacity or interest in their vehicles.

RELATED COVERAGE: Company interested in Lordstown plant loses $6.3 million

Ohio Lieutenant  Governor Jon Husted said he has visited the company on a number of occasions.

"They're a very viable company and they are a company that has potential for a great future," said Husted.

21 News has been told that if a deal were to be finalized between GM and Workhorse, an entirely new company would be formed to buy the plant, and Workhorse would only be a minority stakeholder.
 

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