In 2019, the electric vehicle startup Lordstown Motors made news when it acquired a 6.2 million-square-foot facility from General Motors. Now, it appears that the cash-strapped firm would most likely sell that facility to Foxconn Technology Group of Taiwan.
The purchase may close as soon as this week, according to unknown sources, according to the first to report the news, reported by Bloomberg . The news of the sale isn’t entirely unexpected because Lordstown management had stated during a second quarter earnings call that the company was in serious conversations with partners to lease the northeast Ohio site to other companies.
Lordstown would reportedly operate in the facility concurrently with Foxconn, though financial details of the deal were not made public. This arrangement, which would give the struggling EV manufacturer a cash infusion as well as Foxconn’s mass manufacturing know-how, could ultimately be advantageous.
Although Foxconn is best known for producing Apple’s iPhones, it has made significant progress in recent years to enter the electric vehicle manufacturing industry. The business has agreements with EV startup Fisker to jointly develop and produce a new electric vehicle, and Foxconn will start working with Thai oil supplier PTT PLC to produce up to 50,000 automobiles at a factory in Thailand.
In order to help OEMs looking to sell electric vehicles with design, R