LORDSTOWN, Ohio (WYTV) – A major concern of getting Lordstown Motors starting has been money. It needs ab least $300 million to start building its electric pickups.
In Howland Thursday, only 12 miles away, Congressman Tim Ryan talked about a loan from the Department of Energy’s Advanced Technology Vehicles Manufacturing program, which Lordstown Motors is expected to apply for.
“It’s about $200 million and I think it can be very helpful for them as they go out to get more private capital,” said Congressman Ryan.
Lordstown Motors has yet to apply for the loan, saying that it’s learning more about the loan.
“I think straight capital investments. I’m sure they’ll be some operating costs in there, but I think they have to get the technology in there,” Ryan said, speaking on how the money would be used.
Officials with Lordstown Motors previously said they hoped to be making electric pickups as well as have 400 people working before the end of the year.
Congressman Ryan says he’s excited about the possibilities, especially after he saw the team Steve Burns put together.
Meanwhile, Congressman and ten other members of the Congressional Delegation signed a letter to the Department of Energy in support of the loan.
Also signing the letter were Congressman Bill Johnson and Senators Rob Portman and Sherrod Brown. Both Republicans and Democrats support the loan to Lordstown Motors.
“We’re doing everything we can with Lordstown Motors to make sure that they move as quickly as possible, hire as many people as possible,” said Senator Sherrod Brown, D-Ohio.
The electric vehicles are available for pre-order already on their website.