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[Saving Grace]

Lordstown completes sale to Foxconn to finish what it started

In return, Foxconn will take over the Ohio assembly plant and will build the Endurance BEV pickups under a manufacturing contract signed by Lordstown Motors. According to Lordstown, there will be no interruptions to the progress of the Endurance as Foxconn takes the reigns. The 400 current Lordstown employees will trade in their company badges and join the Foxconn family.

Additionally, both companies have formed a joint venture called MIH EV Design, LLC and will co-develop future EV products using Foxconn’s open-source Mobility-in-Harmony (MIH) platform. To get the new JV rolling, Foxconn is investing an additional $100 million while floating Lordstown Motors another $45 million to fill its capital commitment to the venture.

In North America, MIH will develop and manufacture Lordstown Motors brand EVs, while simultaneously developing vehicles for other OEMs in international markets. Current Lordstown CEO Daniel Ninivaggi spoke to the done deal:

https://worldrecent.com/2022/05/13/lordstown-motors-closes-sale-of-plant-to-foxconn-for-230m-in-much-needed-cash/