Lordstown Motors has completed a bankruptcy deal. GM invested $75 million in the EV startup Lordstown Motors in 2019, and then sold in late 2021.
GM invested as part of the sale of an Ohio plant to the electric vehicle startup as well as a $675 million SPAC deal that took Lordstown public.
Lordstown Motor claimed more than 100,000 nonbinding pre-orders for the vehicle from commercial fleet customers. The SEC said, most of the pre-orders were fake.
GM has had a long list of major failures with its attempts to invest in EV related companies or make electric cars.
GM recalled 140,000 Chevrolet Bolt EV vehicles made between 2017 and 2023 and 2022 Bolt EUV models due to a fire risk. Bolt owners were told not to park their cars near houses because of fire risk.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.
Mary Barra is one hell of a CEO!