Lordstown inventory plunged after the embattled EV startup inked a deal to promote its Ohio plant to iPhone provider Foxconn, whereas revising plans to start out manufacturing of the Endurance truck, its first electrical automobile.
Taiwan’s Foxconn agreed in precept to purchase a Lordstown Motors (RIDE) manufacturing facility in Ohio for $230 million, the businesses stated late Thursday. Foxconn additionally will purchase $50 million value of widespread inventory in Lordstown.
The deal is contingent on each events reaching a contract manufacturing settlement. That might see Foxconn assemble Lordstown Motors’ Endurance on the Ohio plant. And Lordstown hopes to lease