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Former Lordstown CEO Given Permission to Buy Back Company Assets for $10 Million

The Truth About Cars

Ohio-based Lordstown Motors has received approval from the U.S. Bankruptcy Court to sell its remaining manufacturing assets to a company owned by its founder and former CEO Stephen Burns for roughly $10 million. Burns eventually sold off his remaining equity in the company.

Buy 101
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Lordstown Motors continues cash flow woes, sells Ohio plant to iPhone manufacturer Foxconn

Teslarati

Lordstown Motors, an electric vehicle startup based in Ohio, has announced that it has agreed in principle to work jointly on electric vehicle programs with iPhone manufacturer Hon Hai Technology Group, more commonly known as Foxconn. Foxconn appears to be Lordstown’s choice. However, Lordstown’s worries did not end there.

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Lordstown Motors files for Chapter 11, sues Foxconn; selling off Endurance electric pickup

Green Car Congress

Under the partnership, Lordstown agreed to divest its most valuable assets to Foxconn, namely its Lordstown, Ohio manufacturing facility—one of the largest in North America—along with its manufacturing and operational employees. Earlier post.) Earlier post.)

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NRDC says Baard Energy agrees to switch from coal to natural gas for feedstock for proposed synthetic fuel plant in Ohio to avoid further permit challenges

Green Car Congress

The Natural Resources Defense Council (NRDC) issued a press release on Friday saying that Baard Energy had agreed to a settlement entailing their switching from coal as a feedstock for its planned coal/biomass-to-liquids Ohio River Clean Fuels plant ( earlier post ) to natural gas. Earlier post.). Therefore, what.

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Stellantis Investors Fume Over CEO Pay Amid Job Cuts, Plant Closures, Supplier Strife

The Truth About Cars

the company has initiated the termination of thousands of supplemental employees in Detroit, Toledo and Ohio, and is eliminating more positions in France, according to local unions. While Tavares’ plans to further streamline the company haven't been particularly popular, this has been the trend for many large automakers of late.

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Judge rules against Tesla insurance over ‘inflated’ premiums

Teslarati

Tesla Insurance will face a class-action lawsuit alleging that the company charged drivers too much for premiums by using “false” crash warnings, after a California judge ruled against the automaker this week. A Tesla spokesperson and the insurance arm’s legal team have not responded to requests for comment.

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Lordstown Motors Goes Bust

The Truth About Cars

Though the writing was already on the wall for the Ohio-based electric vehicle manufacturer. Lordstown’s share price collapsed in 2021 and the company has suffered numerous production delays. Former chief executive of Lordstown Motors, Steve Burns, managed to sell off every share of his stock before the company filed for Chapter 11.

Motor 101