Jump to content
  • Drew Dowdell
    Drew Dowdell

    Lordstown Sold to Lordstown Motors Corp

      ...Soon to build Workhorse Endurance truck...

    GM's Lordstown facility has been sold to startup Lordstown Motors.  Lordstown Motors will produce the Workhorse Endurance pickup truck, an all-electric truck, at the site. 

    The Endurance has all-wheel drive via 4 motors, one for each wheel.  It also has outlets to allow for the use of power tools. Workhorse is also in the bidding to make plug-in mail trucks for the U.S. Postal Service.  Workhorse has 6,000 orders for a truck based on the W-15 Prototype, and those orders would be moved to Lordstown for production. Workhorse is targeting fleet buyers. With fewer moving parts and lower fuel costs, it could translate to lower cost-to-own for fleet operators. 

    Lordstown Motors still needs to go through several more rounds of fund raising in order to continue development, conduct safety testing, and retool the plant for production. 

    Source: Automotive News (Subscription Required)



    User Feedback

    Recommended Comments

    This sounds to me like GM unloaded an expensive property to keep mothballed and will write off a loss against profits to help minimize a tax bill.

    I question Lordstown Motors ability to get capital and restart this plant. To me both Lordstown motors and Workhorse are dead companies walking.

    Share this comment


    Link to comment
    Share on other sites
    36 minutes ago, dfelt said:

    This sounds to me like GM unloaded an expensive property to keep mothballed and will write off a loss against profits to help minimize a tax bill.

    I question Lordstown Motors ability to get capital and restart this plant. To me both Lordstown motors and Workhorse are dead companies walking.

    Depends if they can snag that post office contract or not. 

    • Thanks 1
    • Upvote 1

    Share this comment


    Link to comment
    Share on other sites

    If GM were really smart, it would sell EVs on the cheap to reclaim market share and build their way to dominance again.  Lordstown is currently unnecessary so I am all for the sale.

    • Haha 1

    Share this comment


    Link to comment
    Share on other sites
    7 hours ago, riviera74 said:

    sell EVs

    That is the problem though.  SELLING them to a disinterested public.

    • Downvote 1

    Share this comment


    Link to comment
    Share on other sites
    2 hours ago, ocnblu said:

    That is the problem though.  SELLING them to a disinterested public.

    The public is disinterested because 87 regular is about $2.50/gallon.  Also most pure EVs are too expensive for normal people to ignore the used car market given how expensive a lot of NEW ICE cars are these days.

    Share this comment


    Link to comment
    Share on other sites
    On 11/8/2019 at 1:21 PM, dfelt said:

    This sounds to me like GM unloaded an expensive property to keep mothballed and will write off a loss against profits to help minimize a tax bill.

    I would think GM paid off/depreciated Lordstown long ago; plant came online in 1965.
    Any monies exchanged would have to go on the income side, no?

    Share this comment


    Link to comment
    Share on other sites
    43 minutes ago, balthazar said:

    I would think GM paid off/depreciated Lordstown long ago; plant came online in 1965.
    Any monies exchanged would have to go on the income side, no?

    What about the investments for new tools, robotics, updates to manufacture auto's at that plant location. Would those capital investment costs not need to be put against the income side?

    Share this comment


    Link to comment
    Share on other sites

    Sure, if not written down already.
    But the bulk of the value has to be the property & buildings over any equity left in tooling (a lot of which is probably not applicable to Workhorse's needs).

    Lordstown is 6.2 million square feet on 905 acres

    For some comparison, Baltimore Assembly was 182 acres with 3.1 million SF when it sold for $27M in 2005.

    Plant half the age, twice the SF, 4 times the property, 15 years later? I’m going to guess the price was $125M.

    Edited by balthazar
    • Thanks 1

    Share this comment


    Link to comment
    Share on other sites

    Well... if nothing else, I wish an American manufacturer the best of luck. I hope they create many jobs to help replace those which were lost. 

    • Upvote 1

    Share this comment


    Link to comment
    Share on other sites
    11 minutes ago, Drew Dowdell said:

    Well... if nothing else, I wish an American manufacturer the best of luck. I hope they create many jobs to help replace those which were lost. 

    So we all hope.  I am sure that Lordstown needs those jobs in the area.

    Share this comment


    Link to comment
    Share on other sites
    3 hours ago, USA-1 said:

    Good Lord somebody tell them to stay with a private workforce...wouldn't the recent GM UAW Strike be any kind of warning?! Wake up Workhorse Board of Directors!! 

    I can't see that flying in NE Ohio..still a pretty strongly unionized region, albeit in much smaller numbers than it once was. 

    Edited by Robert Hall

    Share this comment


    Link to comment
    Share on other sites
    4 hours ago, Drew Dowdell said:

    They aren't going to get the salaries they got from GM though. 

    Of course not, but the upper echelon at the union they join won't be any better. I think we all can agree with that.

    Share this comment


    Link to comment
    Share on other sites
    On 11/9/2019 at 12:37 PM, balthazar said:

    I would think GM paid off/depreciated Lordstown long ago; plant came online in 1965.
    Any monies exchanged would have to go on the income side, no?

    39 years is the amount of time a business can amortize/depreciate the expense. That's both property and building(done individually, obviously). 

    On 11/9/2019 at 1:21 PM, dfelt said:

    What about the investments for new tools, robotics, updates to manufacture auto's at that plant location. Would those capital investment costs not need to be put against the income side?

    Depending on the equipment itself, they're depreciated over 5-7 years. 

    • Thanks 1

    Share this comment


    Link to comment
    Share on other sites


    Join the conversation

    You can post now and register later. If you have an account, sign in now to post with your account.
    Note: Your post will require moderator approval before it will be visible.

    Guest
    Add a comment...

    ×   Pasted as rich text.   Paste as plain text instead

      Only 75 emoji are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.




  • Similar Content

    • By dfelt
      NEURON EV

      CES 2020 has been a busy place this year with more auto companies showing of prototypes and finally production ready auto's than ever before. We have seen so much including the latest in super dense solid state batteries for the EVs to motorcycles and bikes.
      This year we now get to see the latest competition to Tesla and Rivian in a well funded California / China based EV auto company called NEURON EV. This company has a swiss army knife of a truck/suv auto as well as a Semi truck that they say is going into production in 2020.

      The truck which is seen here in Silver has a sister truck that was running around the streets which is the following Black T-One.

      All the details you could ever want can be found here on this truck: https://www.neuronev.co/new-products/t-one-p-gyrwr
      The cool thing about this modular truck is that is can be more than a truck, a tractor, a van. there are no limits to how one can configure up this beast of an EV.

      The seat options are an interesting take as you can go like how Tesla showed their Semi with a center driving position as a base 3 seat configuration of 3 captain chairs, or a single drivers captain chair and a bench seat behind for 4 people and go from there to cover a wide range of colors, materials, etc. in customizing your auto. 
      While this company is looking at this modular truck and semi for the US, in china they will have many more auto options including their V.E.G.A. or Versatile Electric Grand Automobile.

      The company has great plans and while they have only two models for the US market, China will get many more that includes a medium duty truck, a bus, a MAP or Multipurpose Autonomous Platform focused on shipping yards, a HUB or autonomous transportation auto, in addition to the car, semi and truck.
      NEURON EV has not released any details about their hp / torque other than to say class leading at this time. Two wheel drive and All Wheel Drive will be the choices folks will have and talk of a base 300 mile range battery pack. More details are to come later this year.
      First Press release of 2020 can be found here:
      https://www.neuronev.co/01102020
      https://www.youtube.com/channel/UC69MUFfq-4W8qxUWcGltBUg
       
    • By Drew Dowdell
      QUARTER 4 (CALENDAR YEAR-TO-DATE) JANUARY - DECEMBER   2019 2018 %Change Volume   2019 2018 %Change Volume   Cascada 77 743 -89.6   2,535 4,136 -38.7   Enclave 10,143 14,420 -29.7   51,156 49,647 3.0   Encore 28,497 23,326 22.2   102,402 93,073 10.0   Envision 8,380 7,535 11.2   33,229 30,152 10.2   LaCrosse 463 2,118 -78.1   7,241 15,527 -53.4   Regal 1,514 3,110 -51.3   10,363 14,118 -26.6   Buick Total 49,074 51,257 -4.3   206,929 206,863 0.0   ATS 83 831 -90.0   1,134 10,859 -89.6   CT5 43 0 ***.*   43 0 ***.*   CT6 2,276 2,398 -5.1   7,951 9,668 -17.8   CTS 966 2,442 -60.4   6,965 11,219 -37.9   Escalade 8,889 9,573 -7.1   35,424 36,872 -3.9   XT4 8,895 7,573 17.5   31,987 7,785 310.9   XT5 11,168 13,582 -17.8   49,879 60,565 -17.6   XT6 7,169 0 ***.*   11,559 0 ***.*   XTS 1,062 5,063 -79.0   11,304 17,727 -36.2   Cadillac Total 40,551 41,462 -2.2   156,246 154,702 1.0   Blazer 23,008 27 ***.*   58,115 27 ***.*   Bolt EV 3,307 6,212 -46.8   16,418 18,019 -8.9   Camaro 11,474 11,135 3.0   48,265 50,963 -5.3   Colorado 25,484 30,004 -15.1   122,304 134,842 -9.3   Corvette 3,491 3,910 -10.7   17,988 18,791 -4.3   Cruze 2,699 32,955 -91.8   47,975 142,617 -66.4   Equinox 92,092 98,239 -6.3   346,048 332,618 4.0   Express 16,652 22,543 -26.1   77,457 81,239 -4.7   Impala 9,545 12,604 -24.3   44,978 56,556 -20.5   LCF 1,273 940 35.4   4,495 2,810 60.0   Malibu 34,314 37,084 -7.5   131,917 144,542 -8.7   Silverado HD 36,704 34,222 7.3   131,953 142,632 -7.5   Silverado LD 124,619 126,950 -1.8   438,686 442,943 -1.0   Silverado MD 2,018 6 ***.*   4,961 6 ***.*   Sonic 3,339 2,765 20.8   13,971 20,613 -32.2   Spark 11,016 5,174 112.9   31,281 23,602 32.5   Suburban 10,242 15,200 -32.6   51,928 60,633 -14.4   Tahoe 21,086 24,679 -14.6   101,189 104,153 -2.8   Traverse 33,631 39,536 -14.9   147,122 146,534 0.4   Trax 33,039 22,378 47.6   116,816 89,916 29.9   Volt 370 5,063 -92.7   4,910 18,306 -73.2   Chevrolet Total 499,404 531,985 -6.1   1,958,925 2,036,023 -3.8   Acadia 19,471 25,128 -22.5   99,429 88,621 12.2   Canyon 6,525 8,219 -20.6   32,825 33,492 -2.0   Savana 3,136 2,905 8.0   24,226 19,684 23.1   Sierra HD 18,228 16,550 10.1   59,871 60,389 -0.9   Sierra LD 50,494 50,762 -0.5   172,452 159,165 8.3   Terrain 28,060 31,595 -11.2   101,470 114,314 -11.2   Yukon 20,966 25,366 -17.3   74,673 80,784 -7.6   GMC Total 146,880 160,525 -8.5   564,946 556,449 1.5   GM Vehicle Total* 735,909 785,229 -6.3   2,887,046 2,954,037 -2.3                     78 selling days for the QUARTER 4 this year and 77 for same QUARTER last year.  
    • By Drew Dowdell
      The Volkswagen brand is on track to introduce 34 models globally in 2020.  While some, like the ID.3, will be new to the portfolio, others are variants of familiar faces with many of those being electrified. Much stricter emissions rules come into effect in Europe starting January 1st and will force every company that sells on the continent to rethink their lineups.
      For Volkswagen, that means that most of their internal combustion powered vehicles will gain an available hybrid powertrain. Volkswagen says they will be introducing hybrid versions from the Golf to the Tiguan, to the Touareg. There will also be a number of cars coming that aren't hybrids or EVs. The next generation Golf is coming to Europe in 2020 with GTI, GTD, R, and Wagon variants to follow, though not all will make it to the U.S.. The Atlas will receive a refresh and the Atlas Cross Sport goes into production soon. Over in Europe, VW will be launching the T-Roc Cabriolet, the Arteon Shooting Brake, and Tiguan R.  Plus there will be other announcements coming for the brand.  With that in mind, these 34 vehicles are just for the VW brand and don't count what Audi, SEAT, Skoda, are up to. So there is likely to be even more in the pipeline.
      This whole push is to help get the Volkswagen brand to a 4 percent to 5 percent operating profit for 2020. 

      View full article
    • By Drew Dowdell
      The Volkswagen brand is on track to introduce 34 models globally in 2020.  While some, like the ID.3, will be new to the portfolio, others are variants of familiar faces with many of those being electrified. Much stricter emissions rules come into effect in Europe starting January 1st and will force every company that sells on the continent to rethink their lineups.
      For Volkswagen, that means that most of their internal combustion powered vehicles will gain an available hybrid powertrain. Volkswagen says they will be introducing hybrid versions from the Golf to the Tiguan, to the Touareg. There will also be a number of cars coming that aren't hybrids or EVs. The next generation Golf is coming to Europe in 2020 with GTI, GTD, R, and Wagon variants to follow, though not all will make it to the U.S.. The Atlas will receive a refresh and the Atlas Cross Sport goes into production soon. Over in Europe, VW will be launching the T-Roc Cabriolet, the Arteon Shooting Brake, and Tiguan R.  Plus there will be other announcements coming for the brand.  With that in mind, these 34 vehicles are just for the VW brand and don't count what Audi, SEAT, Skoda, are up to. So there is likely to be even more in the pipeline.
      This whole push is to help get the Volkswagen brand to a 4 percent to 5 percent operating profit for 2020. 
    • By Drew Dowdell
      BMW unveiled the Concept iX3 at the Beijing Motor show in April of 2018.  The overall look of the crossover is somewhat conventional, but with the traditional kidney grille being closed off for aerodynamic reasons and special aerodynamic wheels.
      The production iX3 will be rear-wheel drive only and have a peak rating of 286 horsepower and 295 lb-ft of torque. All of that power comes from a single motor. The motor is BMW's fifth-generation eDrive powertrain developed solely in house. BMW says that the technology used in this motor is scalable and thus can be used in different automotive segments. 
      The battery is a 74-kWh pack that is capable of powering the iX3 for 273 miles on the European WLTP cycle (EPA rating will be lower).
      The iX3 will be built in Shenyang, China through a joint venture BMW Brilliance Automotive starting in 2020.
      Once the iX3 goes on the market, it will be BMW's first vehicle to be available in gasoline, diesel, plug-in hybrid, and pure electric drive configurations.

      View full article
  • Posts

    • Yeah, that was so sad.. 😞  Not a big basketball fan, but always thought Kobe was a first class guy. Even worse that his daughter was in it as well.
    • Was in Flicksville PA today, I'll be generous and call it 'painfully rural'. Not that I don't like that, but where to even get a pizza. I didn't take this pic in/of Flicksville (tho I did drive down this road); I stole it from....   Flickr.
    • ^ there are some numbers / facts worth consideration. Oils, greases and petrochemicals are required to build a wind turbine, a 2 MW unit costs 3-4 million & only lasts 20 yrs (with 3 gearbox changes along the way). Any discussion of efficiency must also take into account base costs and longevity.  There’s a hydro-electric turbine that at least circa 1990 was using the same main bearing installed circa 1902. I believe the turbine was of mega-tonnage. Sorry I don’t recall the details, but it may very be still running.  It was a major disappointment for me to learn a modern, new millennium turbine, that turns so incredibly slowly, isn’t built to last 75-100 years. That’s unquestionably, an inefficiency.
    • RIP Kobe.   Its even more tragic that his 13 year old daughter also had to go.   This event truly saddened me tonight.       
    • Any component can be made to any level of quality/longevity, but all else 'being equal' ; mechanical should outlast multi-component electronics every time. Permanently sealed/lubricated pivot points are not going to get contaminated/corroded or fail before electronics- which don't seem to ever meet 'military grade spec' for longevity; that's not a basis the military really designs on.
  • Social Stream

  • Who's Online (See full list)

  • My Clubs

About us

CheersandGears.com - Founded 2001

We ♥ Cars

Get in touch

Follow us

Recent tweets

facebook

×
×
  • Create New...