Foxconn buys Lordstown Motors old GM factory for $230 million
Summary
Lordstown Motors gave rides in prototypes of its upcoming electric Endurance pickup truck on June 21, 2021 as part of its "Lordstown Week" event. Taiwan-based electronics manufacturer Foxconn is moving ahead with a plan to acquire a Lordstown Motors vehicle assembly plant in Ohio for $230 million, the companies announced on Wednesday. The cash-strapped electric vehicle start-up will find some relief from the capital infusion, while the partnership gives Foxconn a jump start on producing fully electric trucks. According to a statement from the companies, Foxconn acquired $50 million of common stock directly from Lordstown Motors at a price of about $6.90 per share after signing the agreement in September. Foxconn has also agreed to pursue a contract manufacturing agreement to assemble Lordstown Motors first product, an all-electric pickup truck called the Endurance.