Lordstown Motors gets a $170 million boost from Foxconn
Motors Corp. agreed to sell a substantial stake and give two board seats to manufacturing partner Foxconn Technology Group, replacing a previous arrangement for electric-vehicle production with a new deal.
The move deepens ties between the two companies, giving Foxconn a sizeable voting interest over the next two years as they pursue a newly announced EV development program together. Lordstown has sought to build itselectric pickup with capital from Foxconn, which has had ambitions to grow in the EV market.
Lordstown has built 12 of its first batch of 500 production pickups. The rate of production will increase toward end of this month and is expected to total 30 units by end of the year, with the rest built in the first half of 2023, it said. Taiwan's Foxconn, the world's largest contract electronics manufacturer, has ramped up investment in EVs and semiconductors in recent years, announcing deals with U.S. startupelectric cars
"Build your own vehicle with Project X," Cheng said, referring to the car's modular design."It's like Lego. I can put on and take it off easily," Cheng said.Foxconn, the main supplier of Apple's iPhones, eventually wants to replicate its level of success in assembling personal computers and cellphones as it expands into building EVs.as prospective markets for the three-seater.
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