Congressman Tim Ryan Statement After Lordstown Motors Advances to Next Stage in Department of Energy’s Advanced Technology Vehicles Manufacturing Loan Program
Lordstown, Ohio – Congressman Tim Ryan (OH-13) made the following statement today after Lordstown Motors advanced to next stage in Department of Energy’s Advanced Technology Vehicles Manufacturing (ATVM) Loan Program application. Lordstown Motors has accepted an invitation from the United States Department of Energy to start the due diligence process toward securing an Advanced Technology Vehicles Manufacturing Loan (“ATVM Loan”).
“I applaud Steve Burns and the entire team at Lordstown Motors for advancing to the next stage of the ATVM loan program and stand ready to continue to assist them in any way needed,” said Rep. Tim Ryan. “I’m proud to have successfully fought to protect the ATVM loan program this year after repeated attempts from the Trump White House to eliminate it. This program could end up being crucial to helping more electric vehicle companies—like Lordstown Motors—create jobs and lead the future of manufacturing here in the Valley and across the country.”
“As we’ve said before, our business model is not reliant on receiving the ATVM loan,” remarked 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.”
Ryan used his seat on the House Appropriations Committee to restore funding for the ATVM loan program in the last two budget cycles after the Trump Administration attempted to shut the program down. In December of 2020, Ryan was joined by Senator Sherrod Brown (D-OH) and Rep. Marcia Fudge (OH-11) in successfully urging Congressional Appropriators to reject cuts or the elimination of the ATVM loan program in the year-end funding package – allowing this program to continue operation. Read more here and here.
President Trump’s Fiscal Year 2021 and 2020 budgets both 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, here, 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.