Market Overview

Barra Defends GM's Lordstown Sale

Share:
Barra Defends GM's Lordstown Sale

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.

Related Links:

Trump Says GM Is Selling Lordstown Plant To Workhorse

Auto Makers, Parts Companies Eye Mexico Tariff Talks After Trump Threat

Photo by Dustin Blitchok.

Posted-In: Lordstown Mary Barra ReutersNews Media Best of Benzinga

 

Related Articles (GM + WKHS)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Old Dominion Report Sees An LTL Market That Is Slowing

Michelin Announced Deal With Swedish Self-Driving Startup Einride