Lordstown Motors advances to next stage in ATVM loan program application

Lordstown Motors Corp., a manufacturer of electric, light-duty trucks in Lordstown, Ohio, has accepted an invitation from the U.S. DOE to start the due diligence process toward securing an Advanced Technology Vehicles Manufacturing loan.

The ATVM loan program was authorized by the Energy Independence and Security Act of 2007 to support the manufacturing of eligible light-duty vehicles and qualifying components in the U.S.

“As we’ve said before, our business model is not reliant on receiving the ATVM loan,” said Lordstown Motors CEO Steve Burns. “The funds would, however, enable us to increase production capacity to get the Lordstown Endurance to more customers more quickly, while simultaneously advancing research and development of future vehicles.”