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Foxconn brings EV battery production to two U.S. states
https://www.teslarati.com/foxconn-brings-ev-battery-production-to-two-u-s-states/
Tue, March 21, 2023 at 3:22 PM EDT
Foxconn executive suggests company has new plans for Mount Pleasant campus: EV batteries and power storage.
Foxconn says it has invested more than $1 billion in the Racine County site.
Foxconn says it has has used the site for server and motherboard production, although customers have not been publicly identified. The company has been rumored to be assembling servers for Google.
Foxconn currently employs more than 1,000 people in Wisconsin and has received nearly $30 million in tax credits from the state in the last two years for meeting hiring and capital expenditure goals.
https://www.yahoo.com/lifestyle/foxconn-executive-suggests-company-plans-192243869.html
Lordstown Motors stock is undervalued - Why FOX owns 19% of common and 100% preferred $RIDE #MXUX
Class E series scared shorts, while Hedge Funds crash.
An All-Electric RV by Lordstown Motors Is Finally on Its Way
As the auto industry’s electrification becomes more prevalent, it was only a matter of time before it hit the world of RVs. EV startup Lordstown Motors just announced that it would partner with Camping World to develop an electric RV and electric travel trailer. While established manufacturers such as Airstream have dabbled with electricity in recent years, this is the first time we’ve seen a startup EV carmaker jump into the pond. According to Car and Driver, the yet unnamed electric RV will be classified under “Class E.”
Why would Lordstown Motors build an electric RV?
Why would Lordstown Motors build an electric RV?
Before we dive into the electric RV itself, let’s talk about Lordstown Motors. The EV startup is currently one of many companies racing to design and produce an all-electric pickup truck. However, instead of selling to the general public, Lordstown plans to sell its trucks in a fleet program. As a result, only companies will be able to purchase large quantities of these trucks.
While building an electric RV may seem abnormal for a traditional carmaker, it makes perfect for Lordstown Motors. Aside from building a vehicle capable of towing the travel trailers, the company has experience developing battery technology. As a result, Car and Driver report that the developed battery tech is directly applicable to travel trailers and electric RVs.
Say goodbye to internal combustion and onboard generators
According to Car and Driver, Camping World and Lordstown Motors plan to develop two main products. The first is a range of electrified travel trailers that leave behind onboard generators in exchange for batteries. The second and most ambitious plan is to create a fully-electric RV. According to Car and Driver, there is no mention of exactly what class or size this new RV will fall under, just that the planned name is “Class E.” Additionally, Lordstown Motors claims its pickup truck platform can be modified to underpin RVs of various sizes, meaning most of the tech is likely already developed.
What we do know is that the first batch to arrive will be the electrified travel trailers. Neither the EV startup nor Camping World has established a solid timeline. However, we know that the trailers will be powered by the battery pack rather than onboard generators. Expect the trailer to house solar panels to aid in continuous charging. It is worth noting that an EV is not required to use the electrified trailer.
Service your RV or trailer anywhere in the U.S.
Although this partnership to build an electric RV may seem quite strange on the surface, it is quite strategic. According to InsideEVs, Camping World has over 170 service and collision centers across the U.S. As a result, the technicians on-site can service the electrified RVs and Lordstown’s electric pickup truck as well. The benefit for the EV start-up is that it won’t have to build dedicated service centers to keep its fleet going. The benefit for the consumer is that if you have an electrified travel trailer or RV, you’ll have plenty of places in which you can easily service it if necessary.
Foxconn owns 100% preferred shares, 18% of common with 221 million in the bank.
Why would FC want to make the cost of production less? The benefit to them putting Lordstown out of business is they will buy the IP for pennies on the dollar if they go out of business. They don't want to make trucks for someone else, especially on low margin. They want to make the MIH platform products for themselves.
The whole situation is stupid and this is obviously heading into bankruptcy soon.
MIH Consortium Unveils Innovation Hub Plan to Strengthen EV Ecosystem in North America Plans to build an innovation hub near Foxconn Ohio facility with global supply chain partners
Hon Hai Technology Group (Foxconn), a global leader in smart manufacturing, introduced MIH, its software and hardware open platform for EVs, in 2020 and initiated the formation of the MIH Consortium in 2021. Foxconn aims to position MIH as the “Android system of the EV industry.” Foxconn is inviting automakers, manufacturers, and supply chain partners to join the MIH to collaborate. MIH’s mission is to lower barriers to entry into the EV industry, accelerate innovation, and shorten development cycles by realizing key technologies and developing reference designs and standards. Currently, the MIH has more than 2,500 members.
I found a post on stocktwits which makes a lot of sense .
“muck 30 11:24 AM
$RIDE What is LMC's value to FoxConn? They are their only partner so far to have homologated and brought a certified EV platform to market in the US. The MIH consortium needs that experience for their Project X initiatives and LMC is at the ground floor of designing the chassis for each of that project's platforms. MC's business model should just be a supplier of chassis for the
3-seater, 6-seater, and 9-seater platforms and take purchase orders from up fitters who want to their own commercial body slapped on an MIH platform. Turn profit there first and establish a customer base with up fitters and then reintroduce an Endurance branded pickup on that same platform at a later date when they got better cash flow. Bullish”
There in NO pucking way it takes 2 months to fix recalls on 19 trucks and especially when it’s a voluntary recall . At max one to 3 weeks . Something here is very , very fishy and it stinks !
Does it really take that long to fix the issue at hand ? Really ?
LORDSTOWN, Ohio, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors,” “LMC” or the “Company”), an original equipment manufacturer (OEM) of electric vehicles focused on the commercial fleet market, today announced that it will release its fiscal year 2022 financial results before market open on Monday, March 6, 2023. The Company will then host a conference call at 8:30 a.m. Eastern Time.
Lordstown Motors Corp. also announced today that it has experienced performance and quality issues with certain Endurance components that have led the company to temporarily stop production and customer deliveries since our last production update in January. The team is diligently working with suppliers on the root cause analysis of each issue and potential solutions, which in some cases may include part design modifications, retrofits, and software updates. In this regard, LMC has filed paperwork with the National Highway Traffic Safety Administration (NHTSA) to voluntarily recall the Endurance to address a specific electrical connection issue that could result in a loss of propulsion while driving. Lordstown is working with its supplier network to implement a corrective action that the Company believes will address this issue. The recall will affect 19 vehicles that are either in the hands of customers or being used internally by LMC. Vehicles waiting for shipment and vehicles in process at the manufacturing plant will also be retrofitted with the corrective action once components are available.
“While our experienced team has made significant progress in addressing the underlying component and vehicle sub-system issues affecting the Endurance build schedule, we remain committed to doing the right thing by our customers and to resolve potential issues before resuming production and customer shipments,” said Edward Hightower, Lordstown Motors CEO & President. LMC intends to provide a more detailed update on the status of these matters on its upcoming earnings call.
I believe that the Endurance will be put aside for a while and LMC is going to focus on the Hub motors to sell to other auto manufacturers. LMC did disclose to Foxconn that they wanted to scrap production but Foxconn said no. The silence here tells me that LMC is regrouping fast to save from going BK. IMHO
Monarch and Indi haven't stopped. Lordstown defect was a simple washer which has been already changed out. Just because it's not on TV doesn't mean they're sleeping at the wheel.
Amphenol Interconnect Products Corp., suspected sabotage of LMC parts.
First 19 recalled from a faulty connector and now a faulty washer on the brake caliper.
3 strikes and you're out is the message to Amphenol Interconnect Products Corp from shareholders of LMC.
Two different products in a month.
With Rivian Recall of 200,000 and Ford recalling 1.5 million EV's makes one wonder if EV's are under attack from big oil.
Thank God Hightower nipped it in the bud as it could have been painful like Ford and Rivian.
https://businessjournaldaily.com/lordstown-motors-addresses-brake-defect-on-endurance/
Foxconn already did. Foxconn owns 100% of the preferred and 18% of the common with 2 chairs on Lordstown Motors executive board.
REASEARCH will educate.
https://businessjournaldaily.com/former-lordstown-motors-ceo-sells-off-more-stock-brings-net-total-to-59m/
Only in America ! White collar crime to its fullest . Where is the SEC ? Oh yeah watching porn !
http://www.cnn.com/2010/POLITICS/04/23/sec.porn/index.html
I found this in Google:
“Lordstown EV Startup Has Halted Production and Is Fixing Problems
Lordstown Motors has halted production of the Endurance electric pickup truck, citing issues with supplier components.
The truck has been in production since last fall, with Lordstown planning to assemble about 500 units with current funding.
More items...•Feb 24, 2023 “
Supplier components issues ? Really ? For 500 trucks ..LMAO !
It’s nice to dream but when you wake up to reality the chances of LMC scrapping the Endurance is still possible . Who is going to pair up with them in this market right now ? .it’s more like a lottery ticket now with your odd of 1000 to 1 .Good luck
Nu Ride's new five-person board is expected to appoint William Gallagher, managing director of M3 Partners — a transaction advisory firm in New York — as Nu Ride's president and CEO, according to the regulatory filing.
Gallagher faced a situation similar to Nu Ride as CEO at WMIH Corp., the public acquisition corporation that succeeded Washington Mutual Inc. — the parent of WaMu Bank in Seattle that was seized by federal thrift regulators in fall 2008. By January 2015, the shell company left over from the failure of Washington Mutual had raised close to $600 million to pursue acquisitions of financial companies that could benefit from its huge, tax-deductible losses, according to a report by the Seattle Times.
Gallagher took over as leader of WMIH in May 2015 "to oversee its acquisition strategy and manage its day-to-day affairs," according to M3 Partners.
He was responsible for "reviewing, vetting and analyzing a large number of potential target companies from a variety of different sectors and industry groups," M3 says.
"Ultimately, WMIH acquired Nationstar Mortgage Holdings to form Mr. Cooper Group," M3 says. Gallagher departed from WMIH after closing the Nationstar acquisition in July 2018.
Bill Gallagher has more than 35 years of experience in finance, investment and financial restructurings. He brings deep expertise in credit analysis and has long-term management experience in the financial services industry.
Prior to joining M3, Bill was the Chief Executive Officer at WMIH Corp (NASDAQ:WMIH), a public acquisition corporation which was the successor to Washington Mutual, Inc., from May 2015 to July 2018. Bill was recruited to WMIH to oversee its acquisition strategy and manage its day-to-day affairs. While there, he worked closely with WMIH’s strategic financial partner, Kohlberg Kravis Roberts & Co. At WMIH, Bill’s responsibilities included reviewing, vetting and analyzing a large number of potential target companies from a variety of different sectors and industry groups. Ultimately, WMIH acquired Nationstar Mortgage Holdings (NYSE symbol NSM) to form Mr. Cooper Group (NASDAQ:COOP). Bill departed from WMIH upon the closing of the acquisition of Nationstar as his job at WMIH was completed.
Prior to WMIH, Bill was CEO and Chief Risk Officer at Capmark Financial Group, formerly known as GMAC Commercial Mortgage (from March 2009 to May 2015). Bill was retained by Capmark to manage its financial restructuring following the global economic crisis and was responsible for the management of the company’s day-to-day affairs, the restructuring of both the company and its assets (including its $15 billion commercial loan portfolio), its bankruptcy process, and its winding down and distribution of assets to creditors and other stakeholders. Capmark was a highly successful restructuring as Bill and his colleagues significantly increased the recovery value to Capmark’s creditors.
Before joining Capmark, Bill was the Chief Credit Officer of RBS Greenwich Capital, the US fixed income investment banking business of the Royal Bank of Scotland, where he was responsible for all aspects of credit risk management. While at RBS Greenwich, Bill was responsible for a wide variety of US corporations and buy-side companies, including corporate borrowers and debt issuers, financial institutions, industrial companies with captive finance businesses, and a variety of US corporations who traded various securities with or through RBS Greenwich.
Earlier in his career, Bill was a Vice President at First Boston Corporation in that firm’s credit risk management department. At First Boston, Bill was responsible for managing credit risk to a wide variety of corporate issuers and financial institutions. Bill began his career at Chemical Bank, where he completed the bank’s credit training program and then worked as a loan officer in the middle market division and a credit officer in the financial institutions division.
Bill has a B.S. in business administration from Syracuse University and an MBA from New York University.
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