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Workhouse Electric Truck Company share price jumps after Trump tweet



Electric truck company Workhorse talks to General Motors about buying his assembly plant in Lordstown, Ohio.

President Donald Trump apparently told an official announcement of the deal on Wednesday, after a conversation with GM CEO Mary Barra. The two companies are still in the negotiating phase, according to GM.

Car manufacturer swooped in after Trump celebrated the ongoing agreement on Twitter and said the "discussions" with Workhorse were ongoing, and that Workhorse founder Steve Burns would buy the plant "by final agreement".

Markets reacted strongly to the news and sent Workhorse stock up nearly 21

5% to $ 2.65 per share. The stock climbed even higher in the poster's trade, landing at $ 3.47.

Read more: It seems that Trump announced that GM is planning to sell its car factory to an electricity company – before GM could

"We are committed to increasing production jobs in the United States, including in Ohio , Barra says in a statement, "and we see this development as a potential win-win for everyone."

"Workhorse has innovative technologies that can help preserve Lordstown's more than 50-year tradition of car assembly."

It would be welcome news for the Midwest production sector hit hard by automatic shutdown of factories – partly due to shift in demand for certain types of vehicles.

Trump has also interpreted the ongoing agreement between GM and Workhorse as a victory for its political agenda , and a potential boost to his 2020 re-election campaign in Ohio, generally winning the purple state in 2016, taking 51.3% of the vote after President Barack Obama won the state in 2012.


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