General Motors has sold its stake in struggling electric pickup maker Lordstown Motors, TechCrunch has reported. It reportedly unloaded its 5 percent investment (worth $75 million originally) in the fourth quarter of 2021, as originally disclosed by The Detroit Free Press and confirmed by GM.
Lordstown recently reported a loss of $81.2 million for the fourth quarter, and said in an earnings call earlier this week that it planned to sell only 3,000 of its Endurance electric trucks through 2023 — a far cry from the 32,000 it predicted when it went public via a SPAC deal back in 2020. It aims to build 500 of those this year, but it will need to raise an additional $250 million to do so.
Last year, Lordstown warned that it didn’t have enough cash to produce its electric trucks. Later in 2021, the SEC announced that it was investigating the firm, and then-CEO Steve Burns was…
