Taxpayers Shelled Out Millions To Boost Electric Vehicle Maker That Just Went Belly Up

[Dont Taz Me Bro]

Another multi-million dollar boondoggle and the taxpayers got to foot the bill. This is the problem with the government picking winners and losers. It's also what happens when you try to force change on an unwilling populace.

Electric Vehicle maker Lordstown Motors Corp. (LMC) announced it was filing for Chapter 11 bankruptcy Tuesday despite receiving millions in taxpayer funding through tax breaks and grants.

LMC received $4.5 million from JobsOhio, a private nonprofit that collects funds through a government-mandated monopoly on spirituous liquor sales, according to Cleveland.com, and $20 million in tax credits to be paid out over 15 years by the Ohio Tax Credit Authority, according to Business Journal Daily. LMC also received a $40 million loan from the previous owner of the plant, General Motors, who received $60 million in subsidies from the state of Ohio, giving back only $28 million after a settlement was reached due to the stipulation that the plant was supposed to be open until 2039.

MSN

And then throw Ford into the mix

Other automotive manufacturers have also received huge subsidies from the government for electric vehicle production. Ford Motor Co. plans to lay off at least 1,000 employees, The Wall Street Journal reports, less than a week after receiving a $9.2 billion loan from the Biden administration to invest in three electric vehicle factories in the southern U.S.

 

[White 6]

Another multi-million dollar boondoggle and the taxpayers got to foot the bill. This is the problem with the government picking winners and losers. It's also what happens when you try to force change on an unwilling populace.

Electric Vehicle maker Lordstown Motors Corp. (LMC) announced it was filing for Chapter 11 bankruptcy Tuesday despite receiving millions in taxpayer funding through tax breaks and grants.

LMC received $4.5 million from JobsOhio, a private nonprofit that collects funds through a government-mandated monopoly on spirituous liquor sales, according to Cleveland.com, and $20 million in tax credits to be paid out over 15 years by the Ohio Tax Credit Authority, according to Business Journal Daily. LMC also received a $40 million loan from the previous owner of the plant, General Motors, who received $60 million in subsidies from the state of Ohio, giving back only $28 million after a settlement was reached due to the stipulation that the plant was supposed to be open until 2039.

MSN

And then throw Ford into the mix

Other automotive manufacturers have also received huge subsidies from the government for electric vehicle production. Ford Motor Co. plans to lay off at least 1,000 employees, The Wall Street Journal reports, less than a week after receiving a $9.2 billion loan from the Biden administration to invest in three electric vehicle factories in the southern U.S.

LMC sounds like an Ohio State investment loss. I don't live in that state and it was state money for the most part.
Many of those Ford Jobs will be coming to the southern states, including Tennessee. Ford is locating their new plant here for good reason, and like you said, it was a $9.2 billion dollar loan, not government giveaway.

 

[MarathonMike]

Why does this sound so familiar? Oh yeah, Obama and Solyndra.

Why the Solyndra mistake is still important to remember

Years after we all thought Solyndra was gone. A new government report brings it back with a sort-of explanation.

fortune.com

 

[Vrenn]

Another multi-million dollar boondoggle and the taxpayers got to foot the bill. This is the problem with the government picking winners and losers. It's also what happens when you try to force change on an unwilling populace.

Electric Vehicle maker Lordstown Motors Corp. (LMC) announced it was filing for Chapter 11 bankruptcy Tuesday despite receiving millions in taxpayer funding through tax breaks and grants.

LMC received $4.5 million from JobsOhio, a private nonprofit that collects funds through a government-mandated monopoly on spirituous liquor sales, according to Cleveland.com, and $20 million in tax credits to be paid out over 15 years by the Ohio Tax Credit Authority, according to Business Journal Daily. LMC also received a $40 million loan from the previous owner of the plant, General Motors, who received $60 million in subsidies from the state of Ohio, giving back only $28 million after a settlement was reached due to the stipulation that the plant was supposed to be open until 2039.

MSN

And then throw Ford into the mix

Other automotive manufacturers have also received huge subsidies from the government for electric vehicle production. Ford Motor Co. plans to lay off at least 1,000 employees, The Wall Street Journal reports, less than a week after receiving a $9.2 billion loan from the Biden administration to invest in three electric vehicle factories in the southern U.S.

Ford repaid the government loan. LMC wants to borrow and then repay the loan of 4.5 billion. GM, Chrysler, Toyota of America and a few others have used this program.

 

[excalibur]

The Biden Junta at work.

 

[westwall]

Another multi-million dollar boondoggle and the taxpayers got to foot the bill. This is the problem with the government picking winners and losers. It's also what happens when you try to force change on an unwilling populace.

Electric Vehicle maker Lordstown Motors Corp. (LMC) announced it was filing for Chapter 11 bankruptcy Tuesday despite receiving millions in taxpayer funding through tax breaks and grants.

LMC received $4.5 million from JobsOhio, a private nonprofit that collects funds through a government-mandated monopoly on spirituous liquor sales, according to Cleveland.com, and $20 million in tax credits to be paid out over 15 years by the Ohio Tax Credit Authority, according to Business Journal Daily. LMC also received a $40 million loan from the previous owner of the plant, General Motors, who received $60 million in subsidies from the state of Ohio, giving back only $28 million after a settlement was reached due to the stipulation that the plant was supposed to be open until 2039.

MSN

And then throw Ford into the mix

Other automotive manufacturers have also received huge subsidies from the government for electric vehicle production. Ford Motor Co. plans to lay off at least 1,000 employees, The Wall Street Journal reports, less than a week after receiving a $9.2 billion loan from the Biden administration to invest in three electric vehicle factories in the southern U.S.

Why are you complaining. These are the experts you were so desperate to install in power.

 

[The Duke]

Another multi-million dollar boondoggle and the taxpayers got to foot the bill. This is the problem with the government picking winners and losers. It's also what happens when you try to force change on an unwilling populace.

Electric Vehicle maker Lordstown Motors Corp. (LMC) announced it was filing for Chapter 11 bankruptcy Tuesday despite receiving millions in taxpayer funding through tax breaks and grants.

LMC received $4.5 million from JobsOhio, a private nonprofit that collects funds through a government-mandated monopoly on spirituous liquor sales, according to Cleveland.com, and $20 million in tax credits to be paid out over 15 years by the Ohio Tax Credit Authority, according to Business Journal Daily. LMC also received a $40 million loan from the previous owner of the plant, General Motors, who received $60 million in subsidies from the state of Ohio, giving back only $28 million after a settlement was reached due to the stipulation that the plant was supposed to be open until 2039.

MSN

And then throw Ford into the mix

Other automotive manufacturers have also received huge subsidies from the government for electric vehicle production. Ford Motor Co. plans to lay off at least 1,000 employees, The Wall Street Journal reports, less than a week after receiving a $9.2 billion loan from the Biden administration to invest in three electric vehicle factories in the southern U.S.

Who didn't see that coming? It's the Obama Green Energy taxpayer money handout to teh buddies part deaux.

Get subsidies, fold, poof into the wind.

They left my cousin with 1k acres of abandoned dead sorghum to deal with in the name of "biofuel".

Didn't pay , got the government money, and left the landowner to clear 1k acres of dead sorghum.

That's tougher than sugarcane, btw.

 

[Concerned American]

Another multi-million dollar boondoggle and the taxpayers got to foot the bill. This is the problem with the government picking winners and losers. It's also what happens when you try to force change on an unwilling populace.

Electric Vehicle maker Lordstown Motors Corp. (LMC) announced it was filing for Chapter 11 bankruptcy Tuesday despite receiving millions in taxpayer funding through tax breaks and grants.

LMC received $4.5 million from JobsOhio, a private nonprofit that collects funds through a government-mandated monopoly on spirituous liquor sales, according to Cleveland.com, and $20 million in tax credits to be paid out over 15 years by the Ohio Tax Credit Authority, according to Business Journal Daily. LMC also received a $40 million loan from the previous owner of the plant, General Motors, who received $60 million in subsidies from the state of Ohio, giving back only $28 million after a settlement was reached due to the stipulation that the plant was supposed to be open until 2039.

MSN

And then throw Ford into the mix

Other automotive manufacturers have also received huge subsidies from the government for electric vehicle production. Ford Motor Co. plans to lay off at least 1,000 employees, The Wall Street Journal reports, less than a week after receiving a $9.2 billion loan from the Biden administration to invest in three electric vehicle factories in the southern U.S.

Obummer had Solyndra, Biden has Lordstown Motors. Political connections pay well.

 

[westwall]

Obummer had Solyndra, Biden has Lordstown Motors. Political connections pay well.

Wonder how big a kickback those pricks get

 

[Dont Taz Me Bro]

Why are you complaining. These are the experts you were so desperate to install in power.

Was I?

 

[Magnus]

Why does this sound so familiar? Oh yeah, Obama and Solyndra.

Why the Solyndra mistake is still important to remember

Years after we all thought Solyndra was gone. A new government report brings it back with a sort-of explanation.

fortune.com

Sure. But in this case, it was your fuhrer who sold us the hogwash.

In its bankruptcy filing, Lordstown said it will pursue a sale of its assets and reduce its 243-person staff to a skeleton crew able to oversee the sale and complete previously ordered vehicles.

The company’s bankruptcy is a far cry from the bright future Trump predicted when he praised the start-up for taking over a shuttered GM factory in 2019. “With all the car companies coming back, and much more, THE USA IS BOOMING!” Trump tweeted in 2019. In a 2020 visit with Trump at the White House, a Lordstown executive predicted the company would eventually manufacture 100,000 trucks a year.

https://www.washingtonpost.com/business/2023/06/27/lordstown-motors-chapter-11-bankruptcy-foxconn/

 

[toobfreak]

Another multi-million dollar boondoggle and the taxpayers got to foot the bill.

Solyndra 2.0. In effect, a clever money-laundering scheme that funnels taxpayer money into leftwing interests that most taxpayers would not agree to if they had the choice.

The investee goes out of business, then, like the money to Ukraine, "who knows" where all of that money went to?

 

[Oddball]

Solyndra 2.0. In effect, a clever money-laundering scheme that funnels taxpayer money into leftwing interests that most taxpayers would not agree to if they had the choice.

The investee goes out of business, then, like the money to Ukraine, "who knows" where all of that money went to?

But no more mean tweets!

That's how truly shallow the OP is.

 

[BackAgain]

Why are you complaining. These are the experts you were so desperate to install in power.

Harsh!

 

[Hossfly]

Sure. But in this case, it was your fuhrer who sold us the hogwash.

In its bankruptcy filing, Lordstown said it will pursue a sale of its assets and reduce its 243-person staff to a skeleton crew able to oversee the sale and complete previously ordered vehicles.

The company’s bankruptcy is a far cry from the bright future Trump predicted when he praised the start-up for taking over a shuttered GM factory in 2019. “With all the car companies coming back, and much more, THE USA IS BOOMING!” Trump tweeted in 2019. In a 2020 visit with Trump at the White House, a Lordstown executive predicted the company would eventually manufacture 100,000 trucks a year.

https://www.washingtonpost.com/business/2023/06/27/lordstown-motors-chapter-11-bankruptcy-foxconn/

Trump didn't have a damn thing to do with it. UAW and GM made the deal. Jesus!

 

[Magnus]

Trump didn't have a damn thing to do with it. UAW and GM made the deal. Jesus!

LOL. But the orange douchebag took credit, didn't he? Must suck to be a trumptard.

In a 2017 visit to Youngstown, Ohio, the most prominent city in the region, Trump pledged that he would help bring jobs back. “Don’t move. Don’t sell your house,” he told a crowd. When GM announced it would close the Cruze factory, Trump lambasted the company, and later praised Lordstown Motors for taking it over.

https://www.washingtonpost.com/business/2023/06/27/lordstown-motors-chapter-11-bankruptcy-foxconn/

 

[shockedcanadian]

Another multi-million dollar boondoggle and the taxpayers got to foot the bill. This is the problem with the government picking winners and losers. It's also what happens when you try to force change on an unwilling populace.

Electric Vehicle maker Lordstown Motors Corp. (LMC) announced it was filing for Chapter 11 bankruptcy Tuesday despite receiving millions in taxpayer funding through tax breaks and grants.

LMC received $4.5 million from JobsOhio, a private nonprofit that collects funds through a government-mandated monopoly on spirituous liquor sales, according to Cleveland.com, and $20 million in tax credits to be paid out over 15 years by the Ohio Tax Credit Authority, according to Business Journal Daily. LMC also received a $40 million loan from the previous owner of the plant, General Motors, who received $60 million in subsidies from the state of Ohio, giving back only $28 million after a settlement was reached due to the stipulation that the plant was supposed to be open until 2039.

MSN

And then throw Ford into the mix

Other automotive manufacturers have also received huge subsidies from the government for electric vehicle production. Ford Motor Co. plans to lay off at least 1,000 employees, The Wall Street Journal reports, less than a week after receiving a $9.2 billion loan from the Biden administration to invest in three electric vehicle factories in the southern U.S.

I warned you guys a few years ago what Ontario did when boosting the solar panel industry, tens of billlions tossed to donors, all the money gone, no companies to even speak of. No one held legally accountable. Ontario now has $400 Billion in debt. The most indebted sub borrowing jurisdiciton on earth!. A Police States that watched boondoggles and government theft as long as they are left alone. Canada's National Debt Clock : The Canadian Taxpayers Federation

 

[jackflash]

LMC sounds like an Ohio State investment loss. I don't live in that state and it was state money for the most part.
Many of those Ford Jobs will be coming to the southern states, including Tennessee. Ford is locating their new plant here for good reason, and like you said, it was a $9.2 billion dollar loan, not government giveaway.

Thanks for passing on the good news! I am ALWAYS looking to get manufacturing back in the states hopefully with a REALISTIC livable wage, regardless of what state the manufacturing is located in. I agree with you on the loan over taxpayer funded welfare corporations. Too bad for Ohio residents though.

 

[Auld Phart]

Wonder how big a kickback those pricks get

Wonder how big a kickback those pricks get

the big guy gets 10%?

 

[1srelluc]

Lordstown Motors execs sold millions in stock before woes became public​

Lordstown Motors in December, however, disclosed in a regulatory filing that it did not have any current customers or pending orders, and stated there was no assurance that nonbinding preorders would ultimately become sales. It acknowledged that more than 100,000 reservations for its truck were nonbinding in a January news release.

Lordstown Motors execs sold millions in stock before woes became public

Electric-truck maker has yet to produce any vehicles, but those running the company are still cashing in on shares.

www.cbsnews.com

I wonder how much the DNC got in the way of "donations" out of therm?