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Barra Defends GM's Lordstown Sale

Tanzeel Akhtar

General Motors Company (NYSE: GM) CEO Mary Barra defended the company's plans to sell a Lordstown, Ohio-based assembly plant to electric vehicle maker Workhorse Group (NASDAQ: WKHS), commenting that GM did “a lot of vetting,” according to Reuters.

GM said in early May it was in “discussions” to sell the Lordstown plant in Ohio to Workhorse and an "affiliated, newly formed entity that could bring significant production and electric vehicle assembly jobs” to the area.

“We remain thinking it’s a strong possibility and think people should focus on opportunity and maybe every now and then a little optimism wouldn’t hurt anyone," Barra told Reuters.

Barra also said the precise impact of potential Mexican tariffs on the automaker is unclear.

On Wednesday, Workhorse traded up 19 percent to $2.07 per share. GM shares traded at $35.80.

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Photo by Dustin Blitchok.

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