35 Burst results for "Lordstown"
"lordstown" Discussed on This Week in Startups
"Nikola badger literally. Trevor talked about his competing Car to the cyber truck it does make sense why people very excited about this category in fairness The best selling vehicles in the united states were trucks. Twenty twenty data from car and driver Number one four f series seven hundred eighty seven thousand units sold the chevy silverado. Five hundred eighty six thousand units sold ram up five hundred sixty three thousand units sold so those top three are selling close to two million just the top three pick trucks. This is a big prize. Trucks are also the most profitable products in automakers lines. That's why so many start ups are going after this. That's why yulon did the cyber truck he knows if you're gonna have a lineup of cars that is a great one to have. There's a lot of people who love to use trucks both for work and for pleasure and as their personal vehicles so much so that forward who has the series didn't decide to take this Sitting down they unveiled their e truck. The f one fifty lightning. They've got a hundred thousand preorder. Cyberattack reportedly has a million reservations and back in september. Twenty twenty said they were well over a half million so that numbers probably correct that one million is according to crowdsource tracker And so i think it makes sense so you you look at this. You have ford. Who is the number one player. They've already got a hundred thousand preorder z- And that has a three hundred mile range. It's got tons of outlets. Electric pickup trucks are going to be the dominant pickup trucks. It doesn't matter you can say people are rednecks. Or they're dumb or they're laggards when they see the performance that ev can do and they can start plugging in their tools and charging their drills and taking it on the road and you know having a giant electrical source. It's like bringing a power plant with you into the woods or onto your site you. You don't need to bring a generator with you anymore. That's going to be. I think one of the most exciting things about this people who are doing work or you know taking their boats out they're gonna love these electric versions lordstown chew on revenue twenty twenty zero and their net loss one hundred twenty five million their market cap peaked around five billion september. Twenty twenty there now at one point five billion after the doj news. I would think this is going to zero or will be sold for scrap. I could see the five billion going down to fifty million and scrap in other words. You lose it up ninety ninety nine percent of your value as an investor And i think the equity holders cricket wiped out completely because there could be debt and lawsuits. Excetera they were founded in two thousand eighteen by somebody steve burns who was the former. Ceo of electric vehicle manufacturing company. Workhorse group that have never heard of in november of two thousand nineteen lordstown became the owner of former gm plant in lordstown ohio effort signing a sales agreement with the automaker ally. These automakers have done this in fact yulon's Freemont i think was a former toyota plant. So these plants trade hands just like stadiums do or or buildings do gm loaned lordstown motors forty million in order to underwrite a substantial part of the plant purchase. So that already is a red flag. Okay so gm wants to get this plant off their books and they give this new company forty million dollars in order to do it or underwrites alone to do it. Major red flags feels like steph. Dealing doesn't mean gm's in the wrong but it doesn't come from a position of shrank and in total gm invested about seventy five million into lordstown motors and joined its board so those would be to Somebody watching the spac public. Somebody thinking about buying into it oh. Gm's involved well. Are they really involved in. What is seventy five million. If they're taking this plan off their hands you net out the forty million okay. There's another thirty five million sitting there. What exactly is going on here. of twenty twenty according to the ohio business journal daily to give credit to the journalists who we mentioned here and who give us the data With these new stories do the analysis on march twenty twenty lordstown motors paid workforce group twelve million dollars for the licensing rights to the intellectual property of the cost w fifteen pickup truck. Wait a second so the. Ceo's new company bought the rights from the old company. Okay that's self-dealing it's weird. It's only for twelve million. Maybe you could explain it away or maybe it's a red flag right so these things start to pile up kinda reminds me of what we saw with. We work and the south dealing mayor. Remember at newman was buying buildings and leasing them back to we work or he claimed he owned the we were ip and domain name or the brand and he was low. Leasing it back to the company people do this kind of self-dealing are typically not visionary people there nicholas diming people who are trying to hustle. Other people it is really really bad for him to do this. I bought mahalo dot com inside dot com on my own. And i sold them to the company that i run for the cost basis. I bought them for even though i bought them. Low i think i bought inside dot com for sixty thousand dollars. That's a million dollar domain. I could've tried to sell it to my own company. And then my shareholders will be like oh you profited from that why why would i wanna deal with that. Why would i want to deal with that. What you see is the opposite with baller. ceo's vision they do what i do. Like inside dot com. I think i take one dollar a year salary. I haven't taken a salary in six years. I don't need the money from the salary. I'm trying to build a company and hit ten million revenue and were thirty percent of the way there. So we're getting there remember workhorse group. Ceo was steve burns. And that's his previous company. So this is self dealing and yeah you know you could sit it out but anytime you have to explain yourself and things go wrong. That's when there's a problem now. If we work went public and became worth one hundred billion dollars. You know the the adam newman behavior would've been like okay. That was weird. Thought we all made money. So it's forgivable right so keep that in mind when you do something that the appearance of impropriety like sometimes the founder wanna give themselves more shares.
"lordstown" Discussed on This Week in Startups
"I am obsessed with business frauds. Theranos made off perhaps nicola perhaps tether were people doing things that are not on the up and up. while there's a company called lordstown motors. That might be a fraud And it could be going to zero. I am using. I know how to use the words now As having done over a thousand different podcasts. i'd had a frame this Without getting myself in trouble but just this morning. Cnbc is reported that lordstown motors. Another pre revenue ev. Spac okay. so it's free revenue. That's one thing it's in a really hard space electric vehicles and it's a spec away to get public quicker. Maybe with less scrutiny. Not in all cases but you do have to buyer beware when you're looking at this category of companies going public. They tend to be early They confirmed they're being investigated by the doj for its reporting of pre orders. Like it's one thing to not even have customers but then to lie about reorders This is really gnarly so two weeks ago. The wall street journal reported the doj was enquiring with lordstown which cnbc confirmed. Okay so we got real journalistic outlets straight on cnbc confirming that the doj's looking now they're enquiring. That doesn't mean they're guilty right just because somebody's looking into something doesn't mean that there is a crime it just means they're suspicion and there's enough of suspicion that the doj would take it seriously and they have a list of things they could look into and they've chosen to look into this one major red flag Lordstown motor sat in filing on thursday. That it had received two subpoenas from the sec. Four the production of documents and information including relating to the merger between diamond peak and legacy lordstown and reorders vehicles and we have been informed by the. Us attorney's office for the southern district of new york that it is investigating this matter and we hear about the southern district of new york all the time. That's where rudy. Giuliani started his career before. Going absolutely bonkers. That's where pre pahara from the great cafe insider cafe dot com and subscribe to his amazing podcasts or stay tuned with pre which is a free one anyway. The southern district of new york is involved. That is a major red flag. They are serious and they are known for having a very independent streak to them So before he breakdown lordstown. I want to remember Jason's law jason's law is something. I came up with an eye. Codified it I think in september of two thousand twenty had been talking about it for years. But this is my i called it. Originally might theranos rule if a star becomes worth one billion before they launched their product. They are either going to fail or complete fraud examples. Punch-up let's workshop. This and i did in fact Punch it up in december twenty. Remember jason's law if you invest in a company without a launch product and overbill at over a billion dollar valuation. You will lose all your money and it might turn out to be a fraud. So i've been work shopping. This concept nikola ticker symbol and k. La his a private company As a private company. I said in this tweet would be worth about one hundred million dollars. Max So i expected it in this tweet to lose ninety five percent. We had trevor milton on the pot episode number. Ten ninety it is a classic episode. It will be one of the ten best episode of my career because my god. This person was delusional. And i think that was like peak. Trevor and it all came apart shortly thereafter so in march twenty twenty one. I made my third version of jason's rule if a private company reaches a one billion dollar valuation before it launches a product or has customers. It's probably going to fail and it might actually be a fraud so be careful retail investors when you buy fisker or nikola. You're taking a big risk. And so the reason i refine. This is It's very rare for a private company. Reach billion dollar valuation before it launches a product or has customers and i. I put that caveat in there because you could have people pre ordering Things like virgin galactic which had a very successful launch this past weekend karaj relations to richard branson. And when you think about that they did. Have i think six hundred preorder of two hundred k. Those people actually paid money or you have people reordering cars. Now whether it's tessler afford so i could see a situation where which people preorder and give their money that those are not letters of intent so keep that in mind but it seems like i'm now reminding people of jason's law every three to four months. Oh consider this your three to four months quarterly reminder and some very important things to keep in mind about these red flags that we covered valuations. That don't make logical sense. What would this company's valuation be. Let's take a spanking company being the private markets. Well sometimes you know because it's been a private market valuation in other words airbnb before they went public had this private market valuation. Now they're going public now. That's a company airbnb that we all have rented airbnb reno. Somebody said they have a product in market and tons of customers and tons of revenue. So they don't fall under jason's law but as an example. You know the previous valuation nikola peaked at around thirty four billion dollars in june of twenty twenty with no revenue and basically close to know product. As far as anybody can tell. And i mentioned that as a private company ventures investors would have probably invested at them around hundred million. Max you put in twenty million you twenty percent of the company that seems like a rich evaluation. But you know i. It's reasonable for a hardware company like that that's capital intensive but but that's a three hundred forty x multiple from my valuation. And i am an expert on this. This is what i do for a living for ten years. I've invested in over three hundred early stage. Private market companies. I know what i'm talking about. And so now they're trading at around five point five billion which is about fifty times too high and so once again. If you can't see who's holding the bag check your hands. It's probably you so the people who bought nikola at thirty four billion thinking. oh well. This is a fraction of the valuation apple or tesla amazon. You're literally comparing the most successful companies in the history of humanity against you..
Lordstown Motors Says It Doesn't Have Cash to Start Commercial Production
"Money. Checkout lordstown motors dropping sharply today after the company issued a stark warning about its future. Let's get to filipo with the details. Hi phil what's going on. You know this is a no report from lordstown motors. That is not an incomplete surprise given the fact that the company on friday was told by the nasdaq. Look you've got to file a ten q. You haven't done it if you don't file one. We may d list you well. They filed the ten q today including a going concern. Notice and in that. Going concern the outline. What the problem is. It's all about cash. And we've known this for some time that they have very little cash they were looking for some strategic investors possibly some infusion of cash the company saying the company believes that its current level of cash and cash equivalents are not sufficient to fund commercial scale production and the launch the sale of such vehicles. We're talking about the first pickup truck which is scheduled to go into production by the end of the third quarter. That is the endurance pickup truck. But as you take a look at shares of lordstown again losing about thirty percent courtney. Just today the real question becomes. They don't have the cash right now. They don't find a strategic investor. They don't come up with some way to get a big infusion of cash as quickly as possible will they even make it to production by the end of the third quarter curious to see what happens over the next couple of weeks so filled this sort of like you said at the beginning of your report just confirmation previously what they basically told us when they reported their earnings they didn't official official capacity and ten cute right right but anytime you say were questioning whether or not we can be a going concern that really that's ultimately if you're an investor you'd sit there and say going to keep my money in these guys because there's a decent chance that the may not be around three months six months from now
"lordstown" Discussed on CarCast
"But also just as you're driving it's speed bumps and parking and you just worry a little less about ding that really nice expensive front end of of the wagon so sort of the appeal of the suv. And if you'd be able to get the suv with all of the performance of the wagon. But you know if you're into the sedan and you want the space wagon is a home run. The thing is actually is kind of bad as i'm not even really like a wagon fan but it's It is kind bad ass. I don't wanna get down on a fan of that. It is it is. It is pretty cool and i don't know what the competitors are i think. Am has a wagon. I don't think we have a csv wagon anymore. But that was kind of cool when it came out especially with the six. Be a friend had one i. I got an opportunity to drive it. it was. It was fun to watch. And we talk about durango. The rt how cat and the and the jeep track on or the track saying if you want to modify the vehicle those are the ones who get but truth be told There are tunes and things available for the audi. And i heard that there's a there's a tune or like i don't know a stage one or stage to pack. That's not that bad. Maybe it's an inner cooler tune and adds almost one hundred horsepower. That'll work yeah so now. You're really kind of knocking on the door of seven hundred horsepower. This thing and it's already you know mid to low three sixty on it but anyway okay so we're running out of time. Let's go ahead and just wrap things up. I think we finally nailed all of the ads. I appreciate it excited to see the red eye back posts and pictures of that. If you get a chance get a video or something. Because i want to see if it sounds different with the upgraded package you know. Are you hearing more of the superstars or wine and obviously already did the exhaust and stuff on it. So curious to know if If that added power add some volume to. I've seen great in. They're going yeah almost guarantee you. Yeah but now you gotta go. Hey i gotta do this for the show. I've got i gotta get. I gotta get some noise going. This is morgan here. A lot of working shanked reap the benefits of master. All right guys again. Thanks we appreciate for all the follows an interest on drink go checkout drink. Vago dot com and follow us on social media were Car cash show is the website at.
"lordstown" Discussed on CarCast
"You already have so much to do around your home already. Just go to geico dot com and get a quote and see how much you could save. Its geico easy. Visit geico dot com today. Also wanna shout out to our friends at empire cover saw we do appreciate all these guys they make the the show possible for us but as you know nowadays cars can keep you safe on the road speaking of. I don't know if you saw the video from saint louis with the car that flew off like the edge of a winding road on a mountain. And there's all houses kind of scattered and missed. The turn and lawn darted the roof of somebody's house and landed in the bedroom next door. And then they interviewed the share-out or the cops or out there and they're like yeah. This is the first time this happened. We've seen this for a few of the houses the neighborhood and he pointed the road goes. I guess a lot of people. Just miss that turn. I'm like okay. Maybe we should get some guardrails reflectors or ask some speed bumps or some flashing lights or something to catch your attention. Even if you're drinking a little bit like cars are flying off and landing and houses like maybe something should be done but Anyway back to empire covers up because they did say that. Luckily nobody in the house which injured injured and people in the car were okay. They took a while to get them out because they had to get up really had up on the roof and get them out of the car but Anyway so now that we know that cars are keeping you safer on the road. What about that same protection when you park your car empire covers comes in high quality. Affordable covers engineered to protect against rain. Uv rays tree sap pollen anything that damages the vehicle paint other than another flying cars. That may land on top of yours. If that's in the area where you live. Saint louis were looking at you for premium protection try. American armor cover probably made their kentucky factory and they have covers for. Rv's boats motorcycles have more and all the covers come with the free multi year warranty. And we've got deal for you guys. You get free shipping plus an extra fifteen percent.
"lordstown" Discussed on CarCast
"I don't know i was just i saw something from them get posted recently. They've been addressing the dodge challenger and not just on the half shafts have a whole complete cradle like nine a nine inch rear conversion like. This is an expensive kid. This is like a ten thousand dollar kit. But it's a complete rear end assembly upgraded half shafts. It's got the cradle assembly. So it's got all the mounting. It's it's a complete rear differential and the whole thing and this was this was basically guys the guys that are also building the bill steam challenger. Right that's a good question. I don't that's a good question. i don't know if they're doing. That are actually parts of the head of the hendrix guys. Also couple of the hendrick guys branched off of went to work for this could be. I think this was one of i. Forgot where the guy what his previous company. But i've been working with them in the automotive aftermarket for years you're talking about. It's been out for for about a month two months. Yeah they're starting to promoted fabricated nine inch housing bolts to the stock differential mounting points. But it's got a it's a whole it's a whole bill unit. I was considering on getting one of those for the charge. Your their their bulletproof system with their biggest axles. Thirty one fly thirty one inner inner stubs four inch aluminum driveshafts aluminum driveshaft. They're heavy duty half shafts. And i think what they did is is they actually redid the geometry a little bit better so to put less stress on everything and and i guess some of the big horsepower cars are having issues. Mario one hundred was anyway. The first step was to throw a bigger half in there to handle the power but this is the next step when you're getting into mass of horsepower. This is a whole bulletin unit that that changes everything that geometry put into putting a nine inch rear in there to make sure everything's up to snuff and matches you know the requirements that you're asking. Yeah it's a. It's a pricey little operation backyards young. it's like nine grand or ten grand for this sleep motorsports of the guys that i was talking. Okay yeah that's right. They might be working with them. So the g. four skies when when the co camaros came out and the cobra jet Mustang came out the drag race cars. These guys did all these guys did the drive train or whatever they did the drive shaft and the half shafts and all that stuff for those cars from the factory they just did whatever our mini copos fifty of those seventy five of those whatever they made the drag race cars and the cobra jets. They did. They did all of that stuff with these guys. Were very big into drag racing. So this is a nice little upgrade. I just noticed it the other day. And i was thinking about you because i remember mario saying that the first time and then testing i think with the chargers they had issues with with the rear and the had a beef that up. I mean obviously running fifteen hundred dollars power. Something's going to break eventually. Replace the entire unit in the back. Wells you yes. Well like you're saying there's there's enough guys out there that are doing stuff similar to mario aguirre heads Hennessy and they're starting to realize where the limits are. you know. Nine hundred horsepower. Needs this twelve hundred. Needs this fifteen hundred. Needs this you know and you know where the weak links are you know. We talked to somebody a while ago about the jeep track hawk and what kind of horsepower. There are getting in our question to him on the air was. Where does the drive train start to give out. And he was saying that. It's actually very beefy. And they put down almost a thousand horsepower all wheel drive and i don't know if they're going much beyond out without having to really start to beef up all of that but that's a pretty high number with the stock components and turn out the stock components. Were pretty well built or overbuilt But i'd be curious to see if other people are getting the same things we seen. I've seen a few of those things. Hit the head. The drag strip certainly some videos and stuff online. Those gps hit hard and they launched. They run slicks autumn. Two man and this and that's so brutal on the on the suspension and the chassis components. You know you say. Traction is the biggest issue but the lack of traction is the safety margin. Thank god because every time it would be a. It'd be pretty nuts. Okay so red is on its way. Home mario's gotta dig into the motor on the on the charger to kind of see what happened. Just could be a failure. You know just some sort of factor something along the lines that gotta find it just kind of just nothing nothing right. I mean i'm sure he's doing all sorts of data logging and stuff and you can find out maybe where in the testing or wearing the run of was drag racing. Where did it go. And obviously he's got all the information. How many passes he put on a temperature. You know all kinds of i was very few. It was kind of a fluke. You heard a little bit of a and going on faulty part with bounding the rod. It could be something with no oil pressure. Dropped or who knows what right. So hopefully it'll be of the dig into that and figure it out lose coming soon. Yeah well at least you get what car back while. He's working on the other one. That's the way to do. And you've got the wrecks back acts like you said you were doing something with with nigga. They've got a new tire coming out. It's not really been shown yet. But they started teasing it on their social media as well so that looks good. Now you gotta truck call cleaned up. I don't think you could if you did the photos. Then you could get thirty again but it was all. Just get the phone stuff. Just get the photo stuff. But it looked what i learned in texas. Was you have to have a truck number one number. Two you don't you. Don't wash the job. So i had to go and get. It wasn't hard right. You could just do that from your gate to the house. I've been digging into the past few days. I've been digging into the engine on the ford lightning Putting some stuff together on that so as you guys know. I can get to the super charger bracket in and do it for both the mustang and and that kind of ran into a little bit of an interesting issue This is probably a little bit more on the technical side. So we'll try to keep it short but basically put the cam in. And then there's a camera -tainer plate with two bolts instead of the normal retainer plate. I'm using a thrust bearing craig just a little bit of an upgrade. You don't have to. But i am but the timing chain set that is going on. It is a fully adjustable. Billet timing chain set and that also has a bearing on it. So imagine the front of the engine. See the snout of the cam come out there. A flat kind of bearing with like needle bearings in it right so that goes on the cam. The plate goes on there and then the timing chain. The sprocket has that flat needle bearing and that goes on top of the retainer plate so now the camp spins free on a bearing in the motor and the timing chain spins free and they sandwich the the thrust plate the retainer play or the thrust plate. Whatever you wanna call it right. It's sandwiches that because that's both on and that has like an oil feed through it and it feeds who alonside. Anyway you have to modify the thrust plate instead of the two bolts. They have to be because now. A bearing sits on where the two bolts will be. You need to use a counter. Synch drill bit and get counter synch bolts and make sure it's perfectly flush and it's fine and then there's there's no there's no version of buying the thrust play done that way that i've seen so you have to modify it. And i went and bought the counter synch bolts with with the flat heck head and whatever but as i drill to get the counter sink and the counter.
"lordstown" Discussed on WBEZ Chicago
"Lordstown, Ohio is got a long history of vehicle making. The people here are enduring. So CEO Steve Burns called the plan to pick up the endurance. Climate change. Concerns have powered a lot of investment in electric vehicles and the Lords. Town story captivated many we covered it on NPR. Former President Donald Trump was on board. Well, Ladies and gentlemen, This is incredible to now a prominent short seller claims the story is literally incredible, as in not real. Short sellers are investors who place a bet that a company's stock price will fall. They make money if shares go down. Hindenburg Research has bet against Lordstown and recently published a report calling Lordstown Motors a mirage. Short seller challenged the number of pre orders called out production delays and even published a 911 call about a test vehicle that caught on fire in one month. Yes. Leave it driving and I'll Kanis on fire. Your car's on fire. Yeah. Okay, So what kind of vehicle is it? Loads Gone. Motors Electric Lady Cho, the short seller pointed out. The company has no finished product and no revenue and accused it of misleading investors about how quickly it can change that. Stock prices plummeted after the report and at least one lawsuit has been filed. Lords Town's official response is no comment except to confirm that the report has triggered an SEC inquiry and a board review. Unofficially, though, CEO Steve Burns was asked about it last week, and local news station W. Que Bien posted his response online. I.
Short Seller, in Devastating Report, Accuses Lordstown Motors of Faking EV Orders
"Under pressure after a fire at its fremont factory lordstown. The electric vehicle truck company is under pressure. After hindenburg research put out a short seller report on the company. Alleging that it doesn't have all the preorders it claims to have and were course has a ten percent stake in lordstown that electric vehicle companies also under pressure.
EV Used Car Values Are Holding Up
"So the altium battery cells Gm and lg's the nine they've given it to the platform more than just the cells or the batteries that made into recently. They've been calling it. The ltm platform and that is going to be the foundation for all of their electric cars and thanks to a youtube channel by ray non navia. We can now check the construction process of that facility. That's going up in lewistown. Ohio a joint venture between gm and lg. Like i say according to inside hof the construction work is already done. The buildings are up the reeves on on. But you can see the buildings going up and surely there is so much still to do. But within several months they are on target to have that facility finish. There is an unhealthy obsession with watching tesla build factories and the busiest aspects of germany. Right now is probably drones above some way just outside of berlin or maybe texas facility asli. They're all the gigafactory is being built. Gm's with algae is coming along very nicely baking. It'll be out of the oven soon. And they company will install manufacturing equipment later this year. Production starts in two thousand nine hundred twenty two the spending two point three billion dollars on it. It's going to create one thousand one hundred new jobs in lordstown ohio and they're gonna make about thirty gigawatt hours annually of cells which is huge. It puts them just behind. Tesla's gigafactory in nevada. Funnily enough okay. Let's move on and on the podcast next. We're going to be talking about what's fascinating story next on the show an official look into battery safety and that's not to say that batteries are unsafe in any possible way but the american. Nhtsa nitsa is creating and a battery initiative for visas to coordinate looking at things like the research the investigations and the safety standards around battery safety. And that's a good thing because you know these are incredibly safe like the comic is themselves and the battery. Maker's is an amazing job with this. I feel so safe driving around. Evt's and you just think about because we've had cars combustion costs for hundred years. You don't think i'm driving. I'm putting my family and my baby inside a car which is carrying around litas. Some gallons of very high highly combustible liquid blows up. I mean when you look at the fire department and the fire brigade stats on cough. Is they've really coleman. And so when there's an incident of course it makes the news because they're so rat but normal 'cause burned down all the time. So i feel very safe driving a navy if you're drive already but it's really good news. The nhtsa has created an initiative to look at the kind of coordinated analysis of data investigations. When there's a crash an anon- crash event and look at diagnostics and even cybersecurity as well. That's all very important. According to the website Techno codex this initiative nitsa that it will conduct investigations into safety related defects in vs and be a central point on battery safety. That's very very important. Lots of people are doing this. But i think it will give consumers more confidence.
Automakers Race To Bring Electric Pickup Trucks To Market
"At the moment it is impossible to buy electric pickup. That's about to change though. Automakers from tesla and general motors ford driven and lordstown are all racing to bring them to market. npr's camilla domanski reports if you've been watching automakers promotional videos. You might know that. The hummer ev is a thousand horsepower. Pickup that can turn all four wheels to drive diagonally with no limits no emissions and no equals the electric f. One fifty can toe of freight train the train in a tug of war between a traditional trucking. Tesla's cyber truck or lordstown endurance. The electric pickup wins all these stunts designed to make the case. That in electric pickup truck is a better pickup truck and the potential market here is big the best selling vehicle in the. Us is a pickup. The second best selling vehicle is a pickup. The third also pick pickup. This market is so big and so profitable that even a small portion of it could mean big money. A third of all pickup truck owners are open to the idea of electrification. Alexander edwards is the president of strategic vision. A company that regularly surveys new car buyers. He emphasizes that these aren't definite electric customers but they might be persuadable and crucially. This is a different pool of people thin current vehicle owners. They're not as wealthy. They're less liberal and less interested in the environment or in high tech innovation but they can be swayed by other arguments. They were looking at this electrification of their vehicle to enhance the overall truck. Nece it's that truck nece that automakers are emphasizing and all. Those stunts consider a truck. That's trying to tow a heavy load to get all that weight. Moving requires a lot of low end. Torque a lot of rotational force. Some engines are better at this than other. Engines and electric motors are actually really good at it. They have an advantage over gas or even diesel edwards says that performance edge could persuade some shoppers. Who aren't moved by appeals to save the environment these guys are looking for rugged powerful capable vehicles. The world's governments are pushing toward electric vehicles as part of the fight against climate change. Then many automakers are now convinced. Electric vehicles are the future appealing. Electric pickup trucks could help get the general public on board. Of course some people don't need persuading there are drivers who definitely want an electric pickup. Even before they've had the chance to take one for a spin. Madison grosses the director of consumer insights at cargurus which recently surveyed truck owners. It's really gen. Z and millennials who are driving increased interest in pickups but especially for these younger drivers. Being interested in a vehicle is not the same as being able to afford it. New trucks are already expensive. New full-sized pickups are averaging nearly fifty five thousand dollars and while electric vehicles cost less to operate they are more expensive upfront for the foreseeable future. Anyway they seem kind of unobtainable. Pat turner of baltimore is thirty. He drives a nissan frontier. And he is pretty stoked about the prospect of electric pickups but prices are just insane. Gm came with hammered over one. Hundred thousand dollars at dusk. Affordability has been a big concern for pickup drivers for a while. Turner says he'll keep an eye on electric pickups but probably won't buy one until the prices dropped substantially
"lordstown" Discussed on MAD MONEY W/ JIM CRAMER
"Everyone to win. That would be real fear of missing out if that happened. Mean have money to keep shopping at walmart or costco which paid a great ten dollars. Special dividend we keep remodeling with home depot. We wouldn't fear recession despite the week. Aggregate retail sales numbers. We saw this morning. We'd be able to justify this three day. Magnificent run in the russell two thousand index that everybody keeps talking about and i'm sick of however a much super optimistic when the stimulus front the bottom line instead that freak way of sunshine we've got variable winds sometimes two different kinds even in the same session where the push and pull these weather. Systems creates furious. Swirl that's very hard to predict even highly paid. Wall street weatherman masquerading as analysts. Let's go to keeton in washington k. Ten buja jim a big kind of your show. Thank you a question for you. About ali been trading and vet for strict Six trade and that fifty seven. Now Do you think off reach the bottom. And it's a good time to buy this week or you think my god cusses one and i gotta tell you a lot of this is because the president xi is trying to be able to win a i think he's trying to teach them a lesson. I agree that you can start. Buying some here was flyer something. I think you can start buying some and i do think by the way. This is the only company as we said this morning. That is true american financing so. I'm okay with alibaba. is the communist party. maybe teaching them a lesson. But maybe it's going on for two nate in pennsylvania. Nate jim talk and is cured. Dr pepper as we get set for another potential lockdown. There are a lot of customers out there that will continue to enjoy coffee at home especially with dunkin donuts recently announcing the closing eight percent of stories over the next twelve months. I'm seeing at home. Copy ecosystem takeoff with keurigs. Thirty four percent increase in coffee machine sales last quarter. The stock is over the trailing three months. And it's the same story over the past year excluding march. What he got. Jim thanks did a gigantic. There's gigantic offering twenty eight dollars and forty five cents today in sixty million shares and it wasn't thursday by the way a shareholder and i am completely agree with you. I think stocks been knocked down. Everyone knew that offer is going to happen. The market held. And i think the stop is a by..
GM Reveals All-Electric Hummer
"Had been waiting for an all new all electric version of the Hummer designed for off road and on road use, and with acceleration that would have been impossible in a combustion engine version. We talked with GM President Mark Royce about where this new Hummer will fit in the marketplace. JMC is really the on ly premium truck brand out there. If you think about it. Most of their competitors are brand extensions for that, So we have GMC and we have homer. In a premium channel for trucks, and that's a very distinguishable piece of what we're doing with both brands you have the 84 84 acts and things like that for for GMC. I think you'll see that that grow. But then you have the Hummer. You know, the Hummer model under the GMC umbrella as well, which is sort of the ultimate off road piece of that so very carefully designed and executed with different attributes, different designs and different gotta market strategies. Mark you mentioned competitors. Let's talk about competitors in the E V space you have for now, with a 1 50 evey they've announced you've got, of course, Tesla with their pickup truck. How does this compare this Hummer evey year? The direct competitors against Are you going for a somewhat different market? I think it's like nothing else on believe it that this truck is is very different from What are competitors have described most recently with the peace of the light duty pickup truck, and then a few quite a few months back with What with the other electric only competitors is doing with their truck and I don't I don't really know until we see those come into the marketplace with those trucks are but I can tell you what this is, and this is Right now, Like nothing else. Talk about what may be a sister truck. The badger from Nikola GM obviously announced a fairly large arrangement with nickel a lot of controversy around it. Is the badger going forward. Do you see that? Is something complimentary to what you're doing? The Humber evey? Well, you know, we won't sell in market that truck That will be Nicholas. That's what Nick was doing. And the big difference there is that truck will will have a fuel cell. And so it's still a fuel cell electric truck but quite different or offering with our lt impacts on the pure electric Hummer so very different. But as far as you know, the badger and the nickel deal is going forward. Right now we're going forward and so exciting piece of this is Taking what is I believe the best fuel cell in the world with our fuel cell that is made in our joint venture with Honda right here in Michigan on DH, taking that fuel cell and looking at deploying it in the heavy duty transport market. With large trucks. You know, the class seven and eight and then also in the light duty badger truck that you mentioned. So, yes. So with the Hummer If you put this in the larger context of General Motors and its move into electric vehicles, you've announced the lyric the Cadillac lyric. Now they have the Hummer. Evey is understanding. There's a bold UV coming out as well. How does this fit into the overall portfolio that you're developing? And what comes next? It's a great question. If you look at the way we've designed the platforms, both on the A truck platform are BT Battery Electric truck platform and then are better electric vehicle platform. Those two dedicated platforms are quite different. Onda approach is quite different than many others that are in introducing electric vehicles. Reason why I say that is because again we're deploying our module or pack are multi M battery source out of our Lordstown plant in Ohio. That is Designed and executed to be high volume. And the reason why that's important again for the customer and for for the market is because we can really take because of scale. And chemistry that we've developed. In fact, right here we have a chemistry developing lab for ourselves and our packs right here at the Tech center in Warren, Michigan. That quick development of chemistry and then deploying that chemistry and our lt impacts is really the secret time driving that cost down so that we can offer Not only Hummers and Cadillacs, but Eve's and beyond for the mass market piece of our other brands that do higher volume and right in the heart of the market, like Chevrolet and Chevrolet crossovers, trucks, all of those vehicles and so this has been really, really done very carefully. And that goes also into the electric motors that we're doing ourselves. That was GM President Mark Royce on the All new Hummer evey coming out of thin next year for Bloomberg. First word news. We go
Tesla Rivals are Moving Into High Gear -- and Going Public
"From wondering I'm Elaine Appleton grant and this is business words daily on this Wednesday August Nineteenth David Brown's on vacation. Tesla has long had an image of being in both good and less good ways without comparison. CEO? Elon Musk stands out for his big vision and sometimes quirky behavior, and until now anyway, Tesla's all electric vehicles have stood head and shoulders above the competition coming from traditional automakers. Competition what competition I can almost imagine musk saying. Oh, but there is plenty coming tesla shares soared two, hundred, fifty percent this year. The company is now the most valuable automaker in the world according to. CNN. That's because Tesla which went public ten years ago is finally profitable. Tesla had a record twenty nineteen in posted its first annual profit last year despite the pandemic it's been profitable this year as well and that kind of performance and the stock market's reward for it is convincing more and more electric vehicle makers to go public and to try to woo customers away from Tesla last week, Ohio Electric Startup, Lordstown Motors Corporation, or L. M. C. said, it plans to go public by the end of the year. It's ticker symbol ride. If the deal goes through, the company will be valued at close to one point five, billion dollars. So who is Lordstown Motors to burst on the scene this way? L. LLC is a spinoff of another electric truckmaker called Workhorse. GROUP LORDS DOWN CEO Steve Burns is the former CEO of workhorse with LLC Burns resurrecting a project that we're course didn't have the money to do the company plans to release an all electric full-size pickup truck the Lordstown endurance in the second half of twenty twenty one that's according to journalist Alan. Adler, writing for trade publication freight waves. The truck will have a range of about two hundred fifty miles on a charge the same as Tesla's sci-fi looking cyber truck it'll toes seventy five hundred pounds alums. He says again, just like the chuck, the endurance will start at fifty two thousand dollars a good deal more than the cyber forty thousand dollar base price. But UNLIKE TESLA LLC plans to sell the endurance to commercial customers buying fleets of trucks since revealing the prototype on June twenty-fifth Ellen Mc says it's received more than twenty seven, thousand pre orders. That's one point four, billion dollars worth of trucks. NCO Burns says its first years worth of trucks are now sold out. That is if it can raise the money, it needs to actually make them l.. AMC. Bought the Lordstown Ohio GM plant that shutdown last year when GM killed the last Chevy Cruz that six million square foot plant needs retooling, which is costly MC plans to raise about six hundred and seventy five million dollars through its IPO. That boatload of cash could help it come through on its boast to be first to market among a group of EV pickup truck competitors in addition to Tesla that group includes Ford GM Nikola and Arabian a company backed by Ford and Amazon. So, here's the obvious L.. He doesn't yet have a product just a prototype if you're wondering how the young startup can go public without a product you should be. L. EMC is one of a handful of electric vehicle makers employing what's called a reverse merger that means the company that plans to make a product like LLC hooks up with the so-called blank check business. It's also called a special purpose acquisition company. SPAC. Is doing the reverse merger with a blank check company called Diamond Peak Holdings. Diamond peak is already publicly traded that means when the merger occurs. LLC. MC becomes public sort of like easing into a coat someone else has been wearing. This back door IPO method is easier for companies to do. They don't have to produce expensive roadshow's. Also, avoid a great deal of financial scrutiny by the SEC. One of the most famous reverse murders was Richard Branson's space company Virgin Galactic, Holdings and Fantasy Sports Company draftkings went public in a three billion dollar reverse merger. Last year according to the A. Times. The number of reverse mergers hit a record high last year. That's because the IPO market was volatile and high profile IPO's like Uber Fared. Poorly. It ain't cheap to build a new car company but Tesla's successes inspiring other entrepreneurs to try and they need oodles of money that helps to explain why another electric truckmaker nickel motors used a reverse merger to go public in June and vehicle-maker. FISKER has a reverse merger in the works. The is green truckmakers may see these back door IPO's as the speediest way to raise the cash needed to fight he'll in musk and rapidly launched their new products. Tesla's promising to deliver the cyber took by late twenty, twenty one which means that the deadline to beat yes. It may be tough to knock Tesla on it's pedestal, but LLC and a raft arrivals are sure going to try.
"lordstown" Discussed on Into America
"Two were ardent trump supporters and the other two were Democrats and I was really struck by it. Because you know we talk so much about how divided this country is and somehow they're able to make it work and I would. Maybe there's a lesson in there for the rest of us think he's GonNa Save the world. The money's the family that's divided. The Dad took a transfer from one plant to another holly money. Says THEY WON'T BE SUPPORTING THE PRESIDENT? He is the president of the United States. So you can't you have to respect them that way but we are just. He could have done a lot more for the middle class rather than the upper class. He came here. Said don't sell your house. General Motors is going to be here. Maybe in cars and then a few months later it was closing. People are losing their jobs. Families had to move so any promises that he's made for our area. He did not keep last week they still had a decided which Democratic candidate they would vote for this Tuesday. I asked Erin whether any of this change in Lordstown feels like a good thing for their family. I mean there's some hope on the horizon potentially for the community and you know they're they're watching that but it doesn't really apply to them because there might be new jobs but Kevin Money you know he. He's looking toward retiring. Were with full benefits from GM. And there's only one way to retire with full benefits from GM and that's worth five more years at GM. So from their perspective is a little bit irrelevant. You know what's going on because their fate has already been determined. You know his job is gone and the only way he can continue to have. That job is to commute to Toledo. I missed my dad and most and most and I'm getting ready to go down for the night. All the fear unsoundness wash over me like a wave. I'll get think about is how US alone did in a different city alone. Thou- As to protect him and Mary here without him to protect us with all my Dulcie. My father everyday. If you'll see a piece of our lives of our piece of our lives are missing. Him knows when the peace will come back. Come back in place maybe. Gm will reopen with a new vehicle. Make maybe congressman. Tim Ryan will become president and get something back here for us. Many we will eventually have to move up. Some others to because of the stress of broken families need it to be avoided. There is no answer yet. All I can say the money families Sean. We live in hope that we all live at strong family. The economy changes. And we don't always talk about kind of how that trickles down and affects the kids. But you know. Here's this one family with this one story about you. Know how a decision made by a corporation based on business projections kind of trickles down and affects the way. A little girl is going to play basketball when she goes out for her team on the first day that her dad's not there rooting for her in the stands every nine worn. Nash reporter for NBC. News into America is produced by Isabel Angel. Alison Bailey Aaron Dot. Max Jacobs Bar. Rab Claire Tie. I should turn her an pretty Var thon music by Hanns Brown. Our Executive Producer is ellen. Franken Steve Lik Tai is executive producer of audio. I'm mainly we'll be back next Thursday..
"lordstown" Discussed on Into America
"With home security. There's two ways you can go about protecting your home. There's the traditional way where you wait weeks for a technician to do an expensive messy installation or there's the other way simplisafe simply safe has everything you need in a home security system. It's award winning protection. In fact it's a two time winner of c net editor's Choice Award and it wins the award for my personal favorite system in case anyone was wondering simply safe. Blanket your whole home in safety. Outdoor cameras doorbells. Alert you to anyone approaching your home. Entry motion and glass break. Sensors Guard inside. Setup takes thirty minutes to an hour tops. Anyone can do it. And there's absolutely no trade offs to your safety. You'll have an army of highly trained security experts ready to dispatch police to your home at a moment's notice. Twenty four seven. It's just fifty cents a day with no contracts. It's why the verge calls simplisafe the best home security system go to simplisafe dot com slash into America. And you'll get free shipping and a sixty day risk-free trial again. That's SIMPLISAFE DOT com slash into America simplisafe dot com slash into America. Hey it's MSNBC's Chris this week on my podcast. Why is this happening? I'll be talking with writer and author Adam Higginbotham on his book. Midnight INTERNAL ULTIMATELY. What happened is they got used to doing these things that the regulation said that you should not do. But at the same time they were given these ridiculous deadlines or given these extraordinary production quotas so something had to give on. This was typical throughout the Soviet workplace. And so they ended up doing these things that were dangerous. They were lulled into a full sense of security that they could get away with pushing this reactor would of take any punishment and then one day you know turn rented bid them this week. I'm wise is happening. Search wise is happening. Wherever you're listening right now and subscribe. General Motors says close to fourteen hundred people took transfers from Lordstown to other GM plants across the Midwest and south in places like Michigan Tennessee or Kentucky of that group many left their families behind creating split households. Like the money's but there's another side of the story here in Lordstown one that has some residents excited their promises of new jobs coming to the Mahoning Valley. I asked Erin about the folks around here who see change as a good thing. I mean I think Dan Kraus is is an example of that and you are how old sixty two are. You sure no okay. He's a commercial real estate broker. You know he's a guy who really sees the possibility in this region. He loaded us up in his this. This'll piece have one thousand nine hundred ninety nine Chevy Tahoe. You guys wanted to see changes when you look at this place. This was an absolute disaster in two thousand ten. It was ten percent occupied. Fifteen percent occupied. Today it's ninety five percent occupied. It's an old industrial park. He just kind of bullish on where things could go. He talked about how this is a region in transition. That's clear we heard that from lot of people the plant is gone. There's nothing you can do about that but there's some positive things happening. He drove us by Lordstown motors which is a small electric vehicle. Startup that bought the Lord Assembly plant from GM last year. Vert twenty million dollars a year ago if you were driving on this road. That's the picture you would see. At the end. There used to be a a large mural their advertising the Chevy Cruz that you can see from the Ohio Turnpike and. He was really excited to show us that. Now it says ride with Lordstown. Which is the banner for the New Lordstown Motors? Electric Vehicle Company and Lordstown. Motors has a grand vision for building electric vehicles in that plant. They say they hope to be producing as many electric vehicles someday soon as GM was producing several years ago when when the plant was at full capacity. There's also a new battery Cell Plant. So this is the plant a joint venture between GM and LG CAM right now. That's the battery plant right there and you know there's this talk about could this region transform and become the voltage valley if we catered Lordstown Motors. The battery plant that should bring us the ancillary businesses. That go with it. Which and there's other things too. So there's a a distribution center for the T. J. X. homegoods company which is TJ maxx marshalls and some other companies. One Point one point two million square feet under roof this massive massive distribution center that they'd been building. This is a place where it comes in from overseas or wherever it comes in it gets brought to a place like this it gets broken down and sent out to the stores and that'll create some jobs and you know he's hopeful so. Give us the backstory here. Why are new businesses moving into the area? Now when the ashes of the plant are still kind of warm. So there's a lot of companies that are looking to expand looking to build new businesses and Mahoning Valley. Has you know strategically located. It's right off two major interstates. I eighty and I seventy six. So the Ohio Turnpike the Pennsylvania Turnpike you know there's railways. There's central power in the local communities is really welcoming of these businesses. Tax Breaks are available things like that. Are these good jobs. Are they comparable to what? Gm was paying jobs. But I don't think they're going to be anything close to comparable to what GM was paying. You gotTA keep in mind that union jobs with a company like General Motors. Is this sort of like middle class. Ideal that and in some ways built this country. But you don't see it as often now as you used to. You know they were these they were these great jobs they pay you know thirty dollars an hour. You know the new jobs the leadership. Some of these new companies aren't putting out a wage scale. They're saying oh the wages are going to be competitive So at Lordstown motors which is the electrical vehicle startup. He said the wages are going to be competitive for the auto industry. With the implication being the wages will be similar to General Motors. Job The battery Cell Plant. Which is a joint venture between GM and LG? And they're saying that those wages will be comparable to other battery cell producers so those wages are going to be you know somewhat lower so not thirty dollars an hour maybe sixteen or seventeen or eighteen dollars an hour or less you know the TJ x facility the distribution center it will pay above minimum wage But nobody's expecting to make ninety thousand dollars working in that facility. All these things happening in the valley. Does Dan connect any of this? Change back to president trump. He does. He's a some of it you know he's a he's a conservative. He's a libertarian. You know he believes the new developments. He believes in the free market You know he's he's a supporter of the president and says the president's policies are are encouraging some of this development he claimed to be and it's been a disruptor and we need a lot of crap disrupted. How does Dan feel about all this change? He was really just convinced that this isn't the end. Being what transition like. This have gone on forever. Think about it. We went from horses and buggies two cars. We went from coal to natural gas inside houses. All of these things changed the way people live. And and it's it it it it. There's natural progressions in evolutions. So the changes that are coming. You think we'll be alternately beneficial. I think that the changes that are coming. We have to make them beneficial if you take that Microcosm General Motors okay. We're in that transition. It's an unfortunate blip but I believe that by if you came here in fourteen months they'll be as many people working at Lordstown Motors. Lg Cam as there wasn't the GM plant and so that's the natural transition. I mean I think the lion king called it the circle of life into circle of industrial life. It sounds like there's a lot of promise but does Earl Ross. Ross eatery and pub. Does he see it that way? What's really interesting about Ross's eatery and pub is that everything that's happening in the community. Kinda filters it's way and I'm seeing just a new wave of people tech people and people popping up that you know other wiser from all over to all over country. He says his businesses picked up a bit. So I'm I'm just now finally getting back into the green so that's good with the addition of Lordstown motors and you know just getting through a long cold winter so where he. Revenues were down sixty percent a year ago. He says they took back up. Maybe he's recovered about twenty percent of that so he's not back where he was but he's seeing things moving in the right direction on Tuesday. Ohio will vote. Lordstown is in Trumbull. County a swing county in a swing state. They voted for Barack Obama in two thousand twelve then. Donald Trump in two thousand sixteen but voters also re-elected House. Democrat Tim O'Brien in Twenty. Sixteen in two thousand eighteen and went for Democratic Senator Sherrod Brown that same year. Dan Kraus said he sometimes votes for Democrats but this November he plans to support the president or role. Said he didn't WanNa talk politics. Aaron told me that's pretty common around this part of the state win. We were talking to people about politics. Everybody was really cautious. One of the things that really struck me. We were in this local diner. Talking to people. We'd go up to a table and there'd be four people at the table and.
"lordstown" Discussed on Into America
"To understand this circle of industrial life errands. Soccer people across the region who have lived through the ups and downs. And there's this one guy who is watching this story play out for years and business is closely tied to the health of Lordstown as I was getting ready to go down to the Mahoning Valley and talk to people and I said well you know where should I go. Where are the places I need to go and everybody said? Oh well you you gotta go to Ross's so yeah we're going to Ross's eatery and pub which is a local watering hall. That has has long been kind of a hang out for people who worked at the facility. We were there on Thursday afternoon around lunch and it really is one of those places that just seems to draw everybody. You know a wooden bar and kind of the back of the room you not of color and light. There's actually a lot of deer heads every one of them or we want them. And then we met earl- Ross and Earl Ross is one of those guys who just it's like. He was just meant to own a bar. I am one of the founding owners. And I'm a sole proprietor. Now my father and my sister and myself started at one thousand nine hundred seventy. What's changed since one thousand nine hundred seven? Oh what a roller coaster ride that has been. I had hair that change. There is almost ten thousand members working three Shifts General Motors. You know at seven. Am You get to third shifter's getting off they'd come over to eat at three? Pm You'd get the afternoon people or day people getting off and then at eleven pm. You shifter's getting off so three times a day. You had twelve hundred or thirteen. Fourteen hundred people driving through the community. All of these workers didn't lose their jobs overnight. The demise of the GM Lordstown plant was gradual as Chevy Cruz sales slowed GM cut one shift. Then another three thousand workers were laid off between January twenty seventeen in June two thousand eighteen president donald trump who campaigned on a pledge to bring back. All jobs held a rally in Youngstown in the summer of two thousand seventeen just twenty minutes outside of Lordstown. He told workers then they shouldn't worry. Let Me Tell You folks in Ohio under this area. Don't sell your house. Don't sell not salad. We're going to get does values up. We're going to get those jobs coming back. And Wigan a fill up those factories or rip them down a bill brand new ones. So it's going to happen but two years later. The plant shutdown. So who's to blame at the time? There were a lot of explanations batted around there was the impact of the trump administration's tariffs which increased the cost of producing vehicles. Gm pointed the car. Sales folks no longer wanted fuel-efficient starter. Cars like the Chevy Cruz they trucks and as vs and the company they wanted to be nimble to pivot to hybrid and electric vehicles and invest in self driving cars. But there were serious consequences. One study estimated that the closure could cost the region around eight billion dollars in overall economic activity that includes people like Earl Ross. Who told Erin that he depended on those? Gm workers for consistent business as he described it as just the rug being pulled out from under him and suddenly his revenues are down sixty percent and he's got to figure out a way to somehow make it work. The Punch in the gut was the going away party. Crafter going away party after going away party. You know he talked about how since the Lordstown plant closed. He's hosted at least a hundred going away parties in his bar them groups of twenty then groups of fifteen groups of forty coming here for their last drink their last celebration their last dinner before they leave town. Everything was the exact same thing. Can't believe it you know it's sad and then these families split up and these friends split up these people who grew up together riding bikes together in the Mahoning Valley. They got jobs together in the plant. They raise their children together with the wages they were getting from the plant they are from this community and then all of a sudden they're all having going away parties and they're leaving. You met a family that is still struggling with the loss of GM the money family. Tell me about your meeting with them. We met the money family who live in Niles Ohio which is not far from Lordstown. I'm Pauline Karen Claire. Nice to live in a lovely kind of suburban community on a on a street that had a lot of single family homes two car. Garages her having her. So there's Kevin Money Who works for GM his wife Holly? I work For our local city the city of Niles and Three kids Cole. Who's sixteen claire and Brooke and Jules who are thirteen year? Old Twins were identical. Yes well one of you need glasses. And the other doesn't yes tonight's house. We sat in the kitchen. Which was all decked out for Saint Patrick's Day holiday I decorated do. And what was life like for them before the plant closed. You know they describe it as this wonderful family. Life of the five of them together and Kevin. Money was the coach of his kids. Basketball team they talked about how he he loved to take. The family out for treats he just show up spontaneously. Hey kids let's go get a desert when the kids were little. I was able to be a stay at home. Mom with them he worked in. I was able to be home with them and until they went to preschool and then I started working after they were fulltime in elementary school sued. You have a sense you know ten years ago or five years ago that this was coming no no should. It felt like GM that job was going to be forever. We felt it was going to be. Yes yes we were comfortable with him going to work. A lot of people from this area were loyal to General Motors. What did they tell you about finding out about the planned closure so GM announced that it was closing the plant or on allocating Chevy Cruz from that plant in November of two thousand eighteen right then Kevin the applied for transfer. Any you know wanted to try to put himself as close to home as he could and he gets the job in Toledo two and a half three hours away and he gets the word they said right before Christmas he got the notice on December. Twenty second it was a Friday. He received it at work and that was Christmas weekend so he gets to notice it work. Does he call you know he waited to tell me that night? He just probably went into in the room late on the bed and shed some tears and then when I came home he said we need to talk in. We cried and cried My husband and I have a great relationship. He's my best friend and family. We always did everything together. We would sit and have dinner where we go out to dinner together. So just knowing that he wasn't going to be here every night. Go to bed or to have dinner together. We that was traumatizing. And then we held it from the kids until the day after Christmas and remember you described it. That Dad has to leave. Dad has to move away. We're going to try everything that we can to keep life as normal as possible for everybody. Tell your memory of that guy off ahead of slate feeling. Something was going on mainly because my dad's been down in his office at a lot prior to that date in the one day. I'm crying in there. And he ended up talking to me and he said he had put in for a transfer. I had to know why I had no clue or reasoning behind it but I knew something was happening. It was like somebody had honestly died. It the feeling felt like there was a death in the family. And they're actually a lot luckier than most because he's able to come home every weekend and be with his family but they had had this life that they loved. You know this this tight knit family that that did everything together when your husband is added to transfer I mean was there any consideration of quitting GM or. That wasn't something we we talked about all possibilities but for him to leave. Gm with twenty five years in and to walk away from a pension. Hopefully.
"lordstown" Discussed on Into America
"We are right outside the the Lordstown plant and there's a must be an old billboard just a blank wouldn't sign plywood it looks faded and weathered and somebody had written in black spray paint on the would save the GM plant and then at some point later somebody came and wrote in white spray paint on top of it. Just the letters R I p. This is Lordstown Ohio for more than fifty years. It shared a name with a General Motors Assembly plant for the last decade. That plant was home of the Chevy Cruz. Nbc News National Reporter. Aaron Einhorn traveled from Detroit to this part of Ohio with producer. Claire Tied Lordstown Assembly. Plant was once one of the largest automobile plants within General Motors on March. Six Twenty Nineteen. The last shift of fourteen hundred workers packed up their things. And we're forced to move on today. Gm Lordstown Lordstown is closed over the years this region which is known as the Mahoning Valley has lost tens of thousands of manufacturing jobs. Starting the steel mills close in the seventies and eighties but the GM plant had been a constant in an area that have dealt with change over and over again and it's a region that that over the last fifty years really built up around General Motors. Everybody there knew somebody who worked in the plant. Multiple generations of families were were invested in that plan. And now it's gone I'm mainly in. This is into America. A podcast about politics about policy and the power. That both have in shaping the lives of the American people today. We're going into the Mahoning valley with my colleague Erin Einhorn one year after last. Chevy Cruz wrote off the line. We'll find out what the plant's closure means for the families who worked there for decades and why some people in the region are feeling hopeful about the future. I think the lion king a called the circle of life into the circle of industrial.
GM, LG Chem to build $2.3 billion electric vehicle battery plant in Ohio
"In Lordstown Ohio new electric vehicle battery plant is set to create over one thousand new jobs in the coming years Ohio lieutenant governor John Hughes did was on hand for the announcement this week with TI am an LG chem represent eleven hundred jobs in an emerging sector of the auto industry that has a bright future and they'll be good job puts Ohio on the map in terms of electric electrically powered vehicle groundbreaking for the plant is expected to come in the middle of
GM workers end 40-day strike after approving new contract
"And the U. A. W. ins it's forty day strike against General Motors workers approving a new labor deal with better pay and pledges of investing billions in US manufacturing GM gets to move forward with closing three US factories including one in Lordstown
UAW GM Council recommends approval for tentative deal
"The UAW GM council has voted to recommend for ratification the contract UAW members start voting today on the tentative contract with General Motors but they will be staying off the job they have also recommended that we remain on the strike one until the vote on ratification Brian Ross and bird with the U. A. W. the agreement confirms the closure of the GM plant in Lordstown I'm
Closed GM Plant Is Part Of Larger Negotiating Strategy For Striking UAW
"Negotiations between General Motors and striking autoworkers revolve in part around a plant that has shut down six months ago the last Chevy Cruz rolled off the assembly line at Lordstown Town Ohio Emel sheltie reports on what workers are doing now when the UAW last struck General Motors in two thousand seven the thousands of members in Lordstown were ready. They packed the two local union hall signing up for six hour shifts at the nine gates of the sprawling plant in northeast Ohio. Things are very different now. After only a handful of retirees and other volunteers are holding up picket signs celebrating the honks of support from the occasional truck passing by the West Gate here behind behind them are hundreds of acres of empty asphalt surrounding a plant that once employed more than ten thousand people and now employs only ten the picketers sum up why in just just a few words Brotherhood brothers and sisters supporting make it or Ed Rendell says it's a matter of just showing up to represent this place. Somebody's he's gotTa be here. I mean you know if there's no one here which is a signal that we're given up on this player. Rachelle Carlisle isn't giving up. She and her husband are among the thousand. GM employees who transferred to other plants. She's coming back from Michigan. This weekend joined the Lordstown picket line others are on their way to from Missouri Tennessee Kentucky Kentucky. We all keep in contact with each other or all spread out all over the country but also there for each other nearly all the local union leaders were among those who transferred away from here that left it to retirees like Bill Adams to step up. Hey No we don't have a statement. They were using the wreckage. Staples Atom says what the group lots numbers. It makes up in passion. I A lot of anger what happened. The can't understand why a plant that's produce just over sixteen million cars and fifty three years is all of a sudden useless to General Motors. They don't understand that. GM says what happened was pretty simple. American stop buying hang small cars it reacted by cutting shifts and then finally closing the plant in March. Bill Adams doesn't by the company's argument. GM made more than ten billion in dollars in North America last year and the local union has long argued that it could have shifted production of another vehicle here but GM says it has way too much capacity even for better selling trucks. SUV's Adams raises an eyebrow when asked about proposals GM floated just hours before the strike deadline. It was to build electric electric vehicle batteries near here. GM also is negotiating with an electric trucks start up to buy the Lordstown plant but even if both things happen the likely to hundreds of jobs not thousands the former Lordstown workers understand their plant is just one part of a much larger negotiating strategy. When Eric Loomis wrote his book a history of America intense strikes he devoted a chapter to the nineteen seventy-two Lordstown strike back then younger workers wanted more control over working conditions and the fierce clashes between Labor and management extended well beyond the three week strike in the industry that confrontational culture became known as the Lordstown Syndrome and Lordstown is now idled that action played a role in this strike. I think we're seeing a return to the strike as a weapon in in part because a lot of the other options that workers have tried to make life better for themselves shown to say they're not working and workers are getting more determined in a little more desperate when GM am closed the plant it said it recognised and regretted what it was doing to workers but it had to think about the long term viability of the company U. A. W. Members here are also also thinking about viability and they're determined to try to keep their plant an active part of not only the negotiations but of the nation's labor consciousness for N._p._R. News I'm L. Solti.
Savior of G.M. Lordstown Plant, Hailed by Trump, Is a Corporate Cipher
"News. The New York Times says the plan buyer for GM's Lordstown plant in Ohio, which may news earlier this month when President Trump beat GM to the punch in tweeted about the potential deal exists almost entirely on paper. The new venture would be affiliated with workhouse group Inc. Makers of electric trucks and aircraft. The time says the business would have to raise at least three hundred million dollars to get the plant running again and there's no sign. The money has been raised, or committed from any other
Trump may have made it more difficult for the US to 'win' its trade war with China
"Washington. President Trump says the US would raise tariffs from ten percent to twenty five percent on more than two hundred billion dollars worth of Chinese goods and increase would take affect at twelve. Oh one tomorrow morning unless. Settlement can be reached the threat following charges that Beijing has been trying to backpedal and essentially renegotiate earlier greets. But in the meeting with reporters at the White House earlier today, President Trump also indicated that he received what he described as a beautiful letter from the Chinese president Xi Jinping and would probably speak to him as negotiations continue more from the White House, the vice premiers coming here today, we were getting very close to a deal, then they started to renegotiate the deal. We can't have that. We can't have that. So our country can take one hundred twenty billion dollars a year and tariffs paid for mostly by China, by the way, not by a lot of people try and steer it in a different direction really paid out of his faith for by largely by China. I'm businesses will pour back into our country. So instead of making the product it'll be the old-fashioned way the way we used to do we made our own product. And I think things are going along pretty well. But a large group delegation headed by one of the most respected men. Highest officials of China will be coming in today. They started five o'clock, and they'll see what they can do. But our alternative is is an excellent one. It's an alternative. I've spoken about for years. We'll take in well over one hundred billion dollars a year, we never took in ten cents from China nut ten cents, and it'll be a I think it'll be a very strong day, frankly, but we'll see it was their idea to come back. Just wrote me a beautiful letter just received it and I'll probably speak to him by phone. But look we have two great alternates. Our country is doing fantastically. Well, our numbers at three point two. Don't forget three point to the first quarter is always by far the worst quarter, or at least almost always you look back over the years. First quarter is always weekend. We had three point two GDP. Our unemployment numbers of the best in the history of our country. And we're doing well companies are really doing well, even in Ohio the great state of Ohio yesterday General Motors at my verse stronger jink to put it mildly, very stronger. I wasn't even nice about it. But I appreciate what they did. They sold the the beautiful plant Lordstown they sell that beautiful plant to very very good company that's gonna make electric trucks and that work because I was the only thing they could say about our whole economy Lordstown, they kept saying Lord style Lordstown. And when you had all these great companies spending, billions and billions of dollars coming into our country. They couldn't talk about it. That only mention the one plant. That was a GM plant from a very long time ago. And now, we have a great company going and going to make electric trucks, very appropriate. Those remarks by the president earlier today at the White House and joining us on the phone here in Washington as Bob Davis. He is senior editor for the Wall Street Journal, and can you walk us through specifically the issues on the table between the United States and China? Well, you know, now there's one big issue one big issue. And that is whether the US will go ahead and raise tariffs on Chinese goods, two hundred dollars of Chinese goods. From ten percent to twenty five percent. That is the issue that is dwarfed all the substantive issues that have come before it from China's point of view. Tariffs go into effect. They'll they'll be forced to retaliate if they do that. We're down further down a rabbit hole. This could really create a trade war between the two leading economies of the world. We've been on the edge of a trade war. This is like in trade terms, like high noon, I mean, you know, this is bad as as fraud moment as you get in trade negotiations. So how did they resolve this? Well, one or two ways the Chinese come with concessions that the US considers to be significant enough to either hold off tariffs or to just put tariffs in place for a period of time while they work out work out a deal and get back to this substantive issues that divide in Asians, or you know, it doesn't work out. I mean that the tax go in and we're in for a long period of. Very. Problematic economic news and get these are tariffs that obviously American consumers would see and feel every day the president often mentions the stock market and we've seen some wild moves over the last couple of days because of the uncertainties so where does that put the president? Well, president is a guy who believes in tariffs he calls himself tariff. Man, I think that is actually the way he thinks about things. I think if the market I think the markets had Sumed has had many other people that we were on the road to a deal if it becomes if the talks fell apart and tariffs are put in place in look like me and place for for a long period of time. I would imagine Mark through react very negatively. And then we'll take a look and see how much same power. The president has the face of falling stock market. We're talking with Bob Davis senior editor for the Wall Street Journal does this potentially have any impact on inflation. Possibly probably not. I mean, you know, so we're talking about. Increasing tariffs on two hundred billion dollars of goods from ten percent to twenty five percent. The types of goods that we're talking about on for the most part aren't the sort of things you seem WalMart. I mean, they're they tend to be electron of components mechanical parts, you know, things that go into other things. So yeah, I mean go up, but it'll be hard on a machinery on a piece of machinery to tell. You know, how much of that is from a tariff on the other hand if the president the president is increases threats today, and he's said that they're starting the process of. Of imposing tariffs on three hundred and twenty five billion dollars worth of goods. That's so far haven't been subject to tariffs. And those are the things that Americans buy all the time in WalMart and other stores like iphones and cell phones and clothing there, you, you know, I don't know if it's a big enough impact to to affect the consumer price index overall, but you'll see it. I mean, if you're consumer you'll notice it if the price of an iphone goes up twenty percent because of a tariff, that's not something you're gonna miss and two key players on the US side. The Treasury Secretary Steve Mnuchin part of these negotiations into the evening, and Robert lighthizer who is a presence top trade negotiator. What can you tell us about these two individuals -pointment as it might be in terms of trade with China? Well, I mean, they very different outlooks and represent very different constituencies. So lighthizer trade Representative is is a longtime China Hawke who largely wanted the USC our job. So he kid finally get a chance to take on China. And try to write what he felt were the wrong that China was committing economically. He pushes his heart as he can harder. I would say the president for a tough deal that would fundamentally change Chinese economic policies. The Treasury Secretary has a different portfolio. I mean, he is portfolio is keeping the US economy humming along in the global economy, you know, few problems as it can have. So he's been pushing much more for a deal. He is kind of a dove in the, you know, in this bifurcated world while visors hawk one thing to note is that the Chinese Trayvon boy a guy named Lou her is meeting today having dinner tonight only with lighthizer not with Mnuchin, which is different than the way. It's been in the
"lordstown" Discussed on WTVN
"To get the law. Lordstown plant reopened despite a tweet from President Trump Wednesday saying there's now a deal to sell the plan to accompany the makes electric trucks. I'm assuming General Motors. You know believes that this can actually work can work for the people in in in large town. So we have to now. Become involved, and do whatever we can to to assist. The line says GMC Mary Barra indicated that the still contingent on approval from the United Auto Workers union, which could happen late this summer. Trump Sweden also indicated GM when reinvest seven hundred million dollars into three other sites in Ohio creating four hundred fifty jobs, Ohio, Lieutenant governor John Houston says workhorse company reportedly bind, the Lordstown plant is on the rise had the opportunity to be at their facility on a number of occasions. It's a promising Ohio company that is leading in electric vehicle technology. They're converting products right now for companies like UPS workhorses also reportedly has about one hundred please would need a major increase in employment to fill the former GM plant a protest plan this morning for Columbus teenager, whose charleena's shooting death of her boyfriend, the gathering is on behalf amazing Saunders. Who's who has a hearing on whether she'll be charged as an adult for the death of Julius tape back in December. He was shot dead. By an undercover police swan off. Officer as they were investigating a series of armed robberies. Police said tape pulled gun on the officer and was shot dead. Saunders was charged with murder under Ohio's felony murder rule where an accomplice can be charged a co-conspirators death during the commission of a crime. Protesters want charges against Saunders drops bond set at thirty thousand dollars for the pike county woman who's accused of encouraging the abusive her youngest child by her older children. ABC six is Alexis Moberg versus Thirty-one-year-old Lindsey freely with Sean coaching the abuse video posted the social media encourages for ten and twelve year old to continue to hurt her. You can also hear her say come on. You're not doing it enough puncher in the head as the girl screams in pain free lens. Also indicating the children's should not hit the girl in the face. So the bruises wouldn't be seen at school freelance charged with child endangering and domestic abuse a championship sports team come into the White House today. The Boston Red Sox beat the Orioles last night in Baltimore. And today they'll make the short trip south to Washington to visit the White House. The team is here to celebrate their two thousand. Eighteen World Series title, but like most visits by professional championship. Sports teams. There's some controversy Red Sox manager Alex Cora said last weekend. He will not be joining his team because his native Puerto Rico.
President, General Motors And Twitter discussed on Rush Limbaugh
"The president says General Motors has agreed to sell the now shuttered Lordstown plant to a company that will build electric trucks on Twitter this morning. The president says he was told by the CEO of GM that the company will also be spending seven hundred million dollars in Ohio and creating over four hundred jobs at three separate
"lordstown" Discussed on 860AM The Answer
"That break. I was reading the upcoming coverage story of the New York Times Sunday magazine, which is about Lordstown, which means that about my hometown, Warren, Ohio because Lordstown is adjacent to warrant. It was built just outside the city lines, and I have never not been aware of Lordstown. The Lordstown plant. I read from the article has been a pillar of the regional Connie's into this built in nineteen sixty six I was born in fifty six ten year old boy, I watched it go up GM constructed then state of the art facility included twenty six robot welders in the middle of a cornfield. It shows the site became a distribution possibilities. Half the population. The United States live within six hundred miles of it. Lordstown quickly became an important addition to the heavily industrialized Mahoning valley, which includes Mahoning county and Trumbull county. Trouble counties where Lordstown is which after Pittsburgh was the second largest steel manufacturing city young specifically began down Warren generally in the United States after decades of industrial job losses. The valley's fate has become a national political issue. Donald Trump's twenty sixteen presidential campaign relied heavily on the promise of restoring the jobs. A message that helped him win Ohio. Michigan Wisconsin, Pennsylvania significant to Ohio victory was flipping Trumbull county Youngstown Warren Lordstown, he flipped them. And I'd like to tell people on him out on the on the road that. Al Gore beat George Bush by fifty nine to forty one points there in the year two thousand John Kerry beat Bush there by appoint more sixty forty and President Obama won twice. There was sixty one percent of the vote and dumb. Trump won fifty two percent of the vote. He flipped the UAW people in the valley..
"lordstown" Discussed on 860AM The Answer
"Reading the upcoming cover story of the New York Times Sunday magazine, which is about Lordstown which made it about my hometown, Warren, Ohio because Lordstown is adjacent to warrant. It was built just outside the city lines, and I have never not been aware of Lordstown. The Lordstown plan. I read from the article it's been a pillar of the regional Connie's was built in nineteen sixty six I was born in fifty six so a ten year old boy, I watched it go up GM constructed then state of the art facility included twenty-six robot welders in the middle of a cornfield. It shows the site a distribution possibilities. Half the population. United States live within six hundred miles of it. Lordstown quickly became an important addition to the heavily industrialized Mahoning valley, which includes Mahoning county and Trumbull county trouble where Lordstown as which after Pittsburgh was the second largest steel manufacturing city. Young town specifically began down Warren generally in the United States after decades of industrial job losses. The valley's faded become a national political issue. Donald Trump's twenty sixteen presidential campaign relied heavily on the promise of restoring the jobs. A message that helped him win Ohio. Michigan Wisconsin, Pennsylvania significant to his victory was flipping Trumbull county Youngstown Warren Lordstown, he flipped them. And I'd like to tell people I'm out on the on the road that. Albor George Bush by fifty nine to forty one points there in the year two thousand John Kerry beat Bush there by appoint more sixty forty and President Obama won twice. There was sixty one percent of the vote and dump Trump won fifty two percent of the vote. He flipped the UAW people in the valley. Take a Mets pride in their automaking..
"lordstown" Discussed on WJR 760
"He was working on the Lordstown Ohio GM plant closure. He wants it reopened. He said that he would restore funding for the Great Lakes restoration programs and the government was close to finalising money to build a new Sulak. Preliminary findings from the European plane crash show the anti feature on the Boeing plane automatically activated before the plane nosedived into the ground health officials say McComb county, they confirmed a measles exposure location. A Bank of America branch on Romeo plank road, March nineteenth somebody with measles came in and would have exposed people in the building to measles. Get ready for Einaudi for construction. I ninety four will close at nine pm on Detroit's east side for a weekend bridge work the freeway won't reopen until five AM Monday. And that's not all it'll be an entire construction season of work on I ninety four in the area. Diane cross dot says well have to find new ways to get around including the. Post a detour on ninety four you're coming from roughly telegraph all the way to the city decide you're gonna find the freeways open weekdays it's going to be the weekend that ninety four seventy closed everywhere of getting into downtown for that type of thing that where people are really going to have to plan ahead and learn to use some of the more local roads at grand river, gresh, other. Prosecutors are voicing their opposition to the decision in Chicago of charges against Jesse small at being dropped. Correspondent Ryan young reads part of a statement from the Illinois prosecutors bar association over the past few days regarding the Cook County state's attorney's handling the Justice Malik's. They don't condone any part of this. They actually thought it was not as ethical as they thought it should be. So now, you have someone else weighing in all this. And we're told there will be a protest out in front of the courthouse by police officers on Monday. So this is just not over. There was more room in the womb. Bangladesh woman with two wome gave birth to twins twenty-six. Six days after delivering a baby. Boy, Jared news time eight oh four. Here's Steve Courtney sports Richard way, back in one thousand nine hundred forty Indians hall of Famer Bob feller threw a no hitter on opening day. Jordan Zimmermann Tigers starter made a bid to do exactly that. He was perfect in Toronto yesterday afternoon through six and two-thirds. He would go on to give up one hit in seven innings of work. Kristen Stewart came through with a two run shot in the death. Dramatic win for the Tigers. Do nothing over the blue Jay Sam team 707 tonight. Matthew Boyd gets the ball for the old English deers. Okay. We've been talking about how good the defense is for the Texas Tech red raiders number one in the country. As a matter of fact, Michigan coming in number two in that category. Give the nod to the red raiders and Sweet Sixteen action last night. They get a sixty three forty four win sixteen field goals that was it for Michigan last night. Thirty two percent shooting from the floor. Just not good enough..
Trump Wants GM CEO 'To Do Something Quickly' to Reopen Ohio Plant
"Com. President Trump is urging General Motors to reopen its manufacturing plant in Lordstown Ohio week after the last Chevrolet Cruze rolled off the factory line in Lordstown. The president is putting pressure on GM to close a plant in China or Mexico and bring jobs home to the US. He doesn't want GM and the United Auto Workers union to wait until fall to start talks about other plants scheduled to close the president tweets that he wants to Lordstown facility opened or sold to a company who will open it
Trump urges GM CEO to reopen or sell Ohio auto plant
"General Motors says answered the president's tweets in which Trump ripped into the automaker for shutting down production at its plant in Lordstown, Ohio. The president tweeted eat as CEO, Mary Barra. To sell the plan or do something quickly accused the automaker of letting down the country. GM then responded by saying the future, the Lordstown plant, and several others will be resolved between the automaker and the United Auto Workers
Trump lashes out at GM calling for 'fast' action to reopen plant
"General Motors responding to several tweets by President Trump, ripping the automaker for shutting down production at its plant in Lordstown, Ohio. Remember spotted late last night saying the future of that large town plant, and several others will be resolved between the automaker. The United Auto Workers under the terms of the national agreement
GM, Mary Barra And General Motors discussed on Joel Riley
"About the General Motors plant here in Ohio closing the president tweeted he spoke to GM CEO Mary Barra to express his disapproval. He said he's upset the plant in Lordstown close. When quote everything else in our country's booming, and quote, he said the plant should be sold or GM should do something
President Trump, General Motors And Ohio discussed on Stephanie Miller
"Ten days after the last Chevrolet Cruze rolled off and Ohio Sembler line. President Trump reached out to General Motors in a tweet Trump said because the economy is so good General Motors must get their Lordstown Ohio plant open, maybe in a different form or with a new owner
"lordstown" Discussed on WTVN
"Ended today in Lordstown in General Motors says they know today was an emotional one for all of their workers. Ohio lawmaker's. Meanwhile, put the closer of that plant and the loss of over one thousand jobs front and center at the state house. Members of the Ohio house passed a concurrent resolution, reminding GM they are welcome and needed in the Mahoning valley state rep Michael O'Brien award democrat on the house floor from nineteen sixty six to nineteen ninety seven ten million seven hundred and twenty seven thousand five hundred and forty seven cars were produced at that plant syrup done manning, a new Middletown Republican, I don't like the term rather rust belt. We are the proud people of the steel valley. US senators, Rob Portman insured Brown also echoing today that it is. Sad day for Ohio at the state house. Jared alad NewsRadio six ten WTVN. The plant has produced more than two hundred and fifty million dollars in wages annually and GM has received more than sixty million dollars in tax credits from the state over the past decade, the last Chevy Cruz came off the assembly line today as production of that vehicle now shifts to Mexico. Granville, police say keep your hands on the wheel off the cell phone new permanent signs are being posted around the village warning drivers to stay off their mobile devices while behind the wheel as Nathan's lies about to go into effect. It restricts a cell phone use and is named Nathan's law after Ohio national guard, captain Nathan Richardson who was killed in two thousand fourteen by distracted driver while he changed a tire on I seventy seven Amazon is planning to close all of their pop up.
"lordstown" Discussed on WTVN
"Lordstown. The closure of the General Motors plant. We'll put fourteen hundred hourly workers on the unemployment line tonight. The last two Chevy Cruz rolled off the line today as production of the cruise shifts to Mexico. Meanwhile, House Democratic leaders today applauded a unanimous passage of a resolution legislation that urge urges GM to allocate a new product in that Lordstown production facility, the plant has produced more than two hundred and fifty million dollars in wages annually, and General Motors has received more than sixty million dollars in tax credits from the state over the past decade. General motors. Lordstown plant is just the first of five North American plants that are set to close by the end of this year. Ohio. Lawmakers are also proposing a small low a smaller increase into the state's current gas tax to close a shortfall in the transportation department's budget. Lawmakers proposal today would add another ten point seven cents to the state's current twenty eight percent tax on every gallon of gasoline. But governor Mike dewine has made his push for an eighteen cent increase to the gas tax to cover the department's budget gap, which is estimated to be close to one billion dollars. And Granville police say keep your hands on the wheel and off the cell phone new permanent signs are being posted around the village of Granville warning drivers to stay off of their mobile devices while driving through as Nathan's law is going into effect those who violate that law could be charged with a misdemeanor as well as fine over one hundred and fifty dollars a second defense in less than a year could land drivers up to thirty days..