Congressman Tim Ryan Slams Trump Budget for Killing Federal Loan Program Critical to Lordstown Motors Corp
Lordstown, Ohio – Congressman Tim Ryan (OH-13) made the following statement in response to President Trump’s Fiscal Year 2021 budget cancelling the Department of Energy’s Advanced Technology Vehicles Manufacturing (ATVM) Loan Program, which Lordstown Motors is seeking a $200 million loan from.
“Donald Trump came to Youngstown and told us not to sell our houses, he promised to bring jobs back to Northeast Ohio, then only months later, GM announced they were closing the Lordstown Plant. Our community is still reeling from that loss, but we are finally seeing some light at the end of the tunnel with Lordstown Motors purchasing the plant to build electric trucks. These will be good-paying jobs doing what we do best in Northeast Ohio – building award winning vehicles. But instead of using the power of the White House to help Lordstown Motors get up and running, President Trump announced his intention on Monday to kill the very loan program that Lordstown Motors has said is critical to their business. This isn’t a hand-out, this is a loan that will be repaid in-full with interest. I will be using my position on the House Appropriations Committee to block the Trump Administration’s efforts to end this important program and I will continue fighting to ensure Lordstown Motors has everything they need to do their important work and get Northeast Ohioans back to work,” said Congressman Tim Ryan.
President Trump’s Fiscal Year 2020 budget also sought to end the Advanced Technology Vehicles Manufacturing (ATVM) loan program, but Ryan used his position on the House Appropriations Committee to save the program. Read more here and here.
The ATVM Loan program helps companies retool facilities to build advanced electric vehicles. In 2010, Tesla utilized this program to build its Model S. According to the Tesla company website, their $465 million loan was repaid in 2013.
On January 22, 2020, Ryan lead an Ohio Congressional Delegation letter in support of the Advanced Technology Vehicles Manufacturing (ATVM) loan through the US Department of Energy, which today the Trump Administration announced their intention to cancel. Read more here.
On January 29, 2020, Ryan met with Lordstown Motors CEO in his Washington, DC office to discuss their upcoming application for an approximately $200 million Advanced Technology Vehicles Manufacturing (ATVM) loan through the US Department of Energy, which the Trump Administration today announced their intention to cancel. Read more here.