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DGTW BOUGHT FIVE MILLION TODAY. AVERAGE .0166

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UPDATE: GM plans to sell Ohio plant to electric truck company Workhorse Group
12:55 PM ET 5/8/19 | MarketWatch
Related Quotes


2:46 PM ET 5/8/19
Symbol Last % Chg
GM
38.42 -0.29%
WKHS
1.79 112.46%
Real time quote.



By Claudia Assis, MarketWatch

GM says it's investing $700 million and creating 450 new manufacturing jobs in Ohio

An obscure electric-truck and aircraft maker in Ohio vaulted to the forefront of U.S. politics on Wednesday after President Donald Trump tweeted the company, Workhorse Group Inc., was buying a General Motors Co. plant in its home state.

Shares of Cincinnati, Ohio-based Workhorse (WKHS) rallied as much as 86% to $1.27 after the presidential tweet, their highest since September. The stock is down 90% from a record closing high of $11.41 on April 7, 2016. Shares were recently up 48%.

GM (GM) said in a news release Wednesday that it was in "discussions" to sell its Lordstown, Ohio, plant to Workhorse and an "affiliated, newly formed entity that could bring significant production and electric vehicle assembly jobs" to the area.

GM shares wavered between gains and losses after the announcement.

GM also said it was creating 450 manufacturing jobs in Ohio and investing about $700 million in the state to help expand GM's operations in the cities of Moraine, Parma, and Toledo, including growing diesel-engine production in Moraine for the new GM heavy-duty pickup trucks, which will go on sale later this year.

The Lordstown plant opened in 1966 and was mothballed recently, rolling out the last of the Ohio-made Chevrolet Cruze in March. Its motto was "Build it like we own it."

Workhorse's website was down after Trump's tweet and the company's phone lines were constantly busy.

(

GREAT NEWS FOR OHIO! Just spoke to Mary Barra, CEO of General Motors, who informed me that, subject to a UAW agreement etc., GM will be selling their beautiful Lordstown Plant to Workhorse, where they plan to build Electric Trucks. GM will also be spending $700,000,000 in Ohio...

— Donald J. Trump (@realDonaldTrump) May 8, 2019

)

Workhorse in January announced it had closed on $35 million in new financing with Marathon Asset Management, with proceeds to be used for working capital, parts acquisitions, and to satisfy full repayment of debt incurred in July 2018.

-Claudia Assis; 415-439-6400; [e-mail]

> Dow Jones Newswires

May 08, 2019 12:55 ET (16:55 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.