Report: Lordstown Motors In Talks For US Loan To Retool Factory For EV Trucks

After receiving over 100,000 preorders for its full-size Endurance pickup, Lordstown Motors Corp. RIDE is looking to up its capacity for vehicle production.

Lordstown is in talks with the U.S. Energy Department looking for government loans, according to Reuters. The loans would be used to help pay for the costs of retooling a factory to build electric trucks. 

In 2019, Lordstown acquired an old General Motors GM factory and told Reuters the company was looking for $200 million in loans to cover the costs associated with the factory. 

Steve Burns, CEO of Lordstown, told Reuters the loan would help “us make more (vehicles) once we start” and “pull future vehicles forward a little bit.”

According to Burns, the loan is not required, but “puts things on steroids.” When asked about the loan amount, Burns wouldn't give a number, but replied with “I think you should think in terms of — this is the same loan that Tesla got."

RIDE Price Action: Shares were up over 5% shortly after opening, but ended the day up just 1.45%