President Trump’s 2021 budget released Monday calls for canceling the Energy Department’s loan-guarantee program for advanced auto technology. In that program, Tesla in 2010 received a $465 million loan that helped the company produce the Model S, launching the company into the mainstream car market. Tesla’s loan was repaid in 2013.

Lordstown Motors was considering a $200 million loan from the same program – the Advanced Technology Vehicles Manufacturing Loan Program (ATVM) – to develop an all-electric delivery vehicle and pickup.

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Lordstown Motors, the company who is acquiring GM’s Lordstown factory, claims it is going to beat Tesla to market with an all-electric pickup.

They opened reservations the same day Tesla is unveiling its own pickup truck and they unveiled images as well. expand full story