Workhorse Group Inc (NASDAQ: WKHS) stock was soaring oWednesday after Vice President Mike Pence told reporters the company has secured financing to buy an idled auto plant in Lordstown, Ohio to build electric trucks.
The excitement around the stock was being matched in the northeast Ohio community, which saw General Motors Company (NYSE: GM) close the Lordstown plant, producing its last Chevrolet Cruze on March 6 and putting 1,500 people out of work.
"Workhorse, I learned, just this week, secured the financing to move forward to keep jobs in that community, and we’re going to continue to look for ways to support that,” Pence said Tuesday during a trip to Lancaster, Ohio, near Columbus, to mark a groundbreaking for another auto industry business.
The Business Journal in Youngstown reported that the plan to buy the plant would require Workhorse to raise about $300 million.
Lordstown Mayor Arno Hill told the Business Journal that he hasn’t heard yet from Workhorse or GM about the funding.
“I’ve heard so many rumblings and so many things that right now I’m just waiting to hear from the UAW and GM,” Hill said.
Workhorse Shares Jump
Workhorse shares were rallying by 15.93% to $5.24 at the time of publication Wednesday.
Workhorse Group Raises M To Fund R&D, Completion Of Electric Van
New life for Lordstown? Workhorse in talks to acquire shuttered GM facility
Public domain photo via Wikimedia.
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