Dear Secretary Brouillette,
We are writing to lend our strong support to Lordstown Motors Corp's (LMC) application for a loan through the Advanced Technology Vehicles Manufacturing (ATVM) direct loan program. We believe the ATVM Loan Program plays a crucial role in supporting the nation's growth of the U.S. auto manufacturing industry and affords companies the necessary capital for large-scale retooling projects like this. Assistance from the federal government would leverage private sector financing for investment in LMC's plant to build electric vehicles in Lordstown, Ohio, and grow the region into the epicenter of electric vehicle manufacturing in the Midwest.
Northeast Ohio saw its economy suffer when General Motors announced in October that it was permanently closing its Lordstown Assembly Plant. As a result, thousands of workers were forced to move, retire, or obtain other jobs, dealing a severe blow to the regional economy. Thankfully, Lordstown Motors announced in November that it had purchased the Lordstown Assembly Plant from GM and would initially hire as many as 400 workers in 2020 to manufacture electric-powered pickup trucks. It is estimated that for each automotive manufacturing job creates up to eight ancillary or related supplier or support jobs. As Ohio Senators and Representatives, it is a high priority to support Lordstown Motors' business so that it will be successful and provide high-paying job opportunities in the region.
As you know, the auto industry is capital-intensive and constitutes one of the most important market sectors nationwide -- historically contributing 3 to 3.5 percent to the overall Gross Domestic Product (GDP). The Electric Vehicles Market (EVM) is expected to exceed more than $151.5 billion by 2024 with approximately 7 percent of the 250+ million vehicles (cars and light trucks) expected to be on U.S. roads in 2030. Needless to say, working to ensure that Ohio is at the forefront of EVM is of great importance to all of us.
We believe that Lordstown Motors' proposal to convert General Motors' Lordstown Assembly Plant into a state-of-the-art electric vehicle manufacturing facility is an excellent example of why Congress created the Advanced Technology Vehicles Manufacturing loan program. In our opinion, this project is the perfect fit for the ATVM program, and we urge you to give Lordstown Motors' application your fullest consideration.
Sincerely,
Sherrod Brown
United States Senate
Rob Portman
United States Senate
Tim Ryan
Member of Congress
Bill Johnson
Member of Congress
David P. Joyce
Member of Congress
Marcia L. Fudge
Member of Congress
Anthony Gonzalez
Member of Congress
Marcy Kaptur
Member of Congress
Brad R. Wenstrup, D.P.M.
Member of Congress
Bob Gibbs
Member of Congress
Cc: John Sneed, Executive Officer, U.S. Dept. of Energy Loan Programs Office