Foxconn Officially Buys Lordstown Assembly

Best known for manufacturing small electronic devices for companies around the world, Foxconn will soon be branching out to assemble automobiles in Ohio. On Wednesday, the Taiwanese Hon Hai Precision Industry Co. (traded as Foxconn) closed on a deal with Lordstown Motors to purchase a 6.2 million-square-foot plant that used to belong to General Motors.

The $230 million deal leaves Foxconn with the facility and 400 Lordstown manufacturing employees it’s supposed to use to assemble the delayed Endurance pickup. Though the long-term plan is to use the plant to become a contract manufacturer akin to Magna Steyr, with an emphasis on all-electric vehicles.

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Lordstown Motors Sells Home to Foxconn

The troubled Lordstown Motors has announced it will be selling its Ohio production facility to the Taiwanese Hon Hai Precision Industry, better known as Foxconn. But this is not a case of the prospective automaker offloading its assets so it can pay off its debts in full retreat. Instead, Lordstown has asserted this is a necessary partnership that will help guarantee it can still deliver the all-electric Endurance pickup truck.

Terms stipulate that Lordstown Motors will sell the sprawling factory to Foxconn for about $230 million. Two years ago, the site was purchased from General Motors for a very breezy $20 million after the Detroit-based manufacturer decided to abandon the Chevrolet Cruze. Foxconn will also be buying up $50 million worth of common stock and effectively take responsibility for production at Lordstown Assembly. However there is a laundry list of things that need to be done before pickup assembly is even an option.

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Korean Automakers Say Apple Deal Isn't Happening

Over the weekend, Hyundai Motor Group addressed rumors that Kia had been in negotiations to build an electric vehicle for Apple. While the scuttlebutt seems to have been true, talks were indeed underway, the automaker confessed that they had ended without an agreement.

It’s known that Apple has been hunting for potential partners after its EV program was placed into an extended stasis and was hoping to gain access to a skateboard-type platform. Hyundai’s E-GMP architecture certainly qualifies, too. But it’s just one of many entities entering the field as most manufacturers strive to build their own.

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Apple Rumored to Invest Billions Into Kia Motors

While partnering with other industries is essential for the automotive sector, the last few years has shown most nameplates cozying up with the dominant tech firms at a breakneck pace. Just this week, we learned that Ford will be equipping future models with the Android operating system (courtesy of Google) and it wasn’t long before that we were discussing BMW’s arrangement to integrate its business with Amazon Could Services. Even Taiwan’s Foxconn has shown itself willing to get involved with China’s Zhejiang Geely Holding Group — which owns Volvo Cars, Geely Automotive, Lynk & Co, Proton, Lotus Cars, London Electric Vehicle Company, and more.

Now, rumors are swirling that Apple is about to make a gigantic investment into Kia Motors after Korean outlet Dong-a Ilbo (The East Asia Daily) reported that the duo had plans to manufacturer vehicles at the automaker’s American facility in Georgia. The paper stated that tech giant was readying an estimated 4 trillion won ($3.6 billion USD) investment in exchange for Kia building 100,000 electric vehicles per year. However, the mere suggestion has already made Kia money by boosting its share price by over 15 percent on Tuesday.

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Report: Volkswagen to Begin Distancing From Lamborghini

More evidence has surfaced that Volkswagen Group may be on the cusp of relieving itself of some of its less-profitable subsidiaries. Following news of a November board meeting that would help decide the fate of numerous ultra-premium brands, rumor has it that VW is currently working out ways to give Lamborghini more autonomy and open the door for supply deals that could foreshadow it being listed on the stock market.

Additionally, the automaker’s supervisory board has already reportedly met to discuss the future of Bentley, Bugatti, Lamborghini, and its Ducati motorcycle arm. Discussions were said to include how to electrify the more sporting nameplates via industrial partnerships and procuring investment dollars. Some of these deals are already in the early stages, according to Reuters, with a possible IPO for the Italian supercar brand alleged to be moving forward at the time of this writing.

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Gas War: California Finalizes Side Deal With Automakers

The California Air Resources Board (CARB) made a slew of announcements on Monday regarding what types of vehicles will be allowed within the confines of its borders. These included everything from proclaiming aftermarket parts would be subject to a faster approval (or denial) process in the future, to announcing a joint initiative with 15 other states (most of whom joined CA in opposing the fuel efficiency rollback), to accelerating the implementation of electrified buses and trucks.

It also confirmed that California has finalized binding agreements with several automakers to cut vehicle emissions. BMW, Ford Motor Co., Honda Motor Co., and Volkswagen Group all entered into a voluntary agreement with the Golden State to adhere to Obama-era emission mandates last summer. While this prompted the U.S. Justice Department to launch an antitrust investigation into the deal, no action was taken. CARB said those companies — and some of their friends — made a binding commitment to California this month and will commit to its new emission targets, rather than the revised quotas set by the federal government.

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GM Targets FCA Owners As Labor Day Nears

General Motors has conquest on the mind. As the Labor Day long weekend and all of its associated new car deals looms, the automaker wants to woo owners of Fiat Chrysler products (or their family members) into top-selling Chevrolet and GMC models.

It’s not a huge incentive, but it does call attention to the General’s renewed rivalry with Ram. Chevrolet in particular wants to widen the pickup sales lead it only just recaptured from its resurgent rival.

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Food for Thought: Honda Civic Si or… Corolla?

If you’re like us — and I do mean us, as this is an issue on which there’s no disagreement — you probably view the Honda Civic Si as an attractive entry in the affordable “fun” car realm. A peppier-than-most powerplant, standard six-speed manual, brand appeal, stellar model reputation, and a spacious cabin? What’s not to like?

Well, certainly not this lease offer, which makes the 205-horsepower Civic Si a cheaper get than a low-end Corolla.

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Slashed Rates Factor High in Premium Push

As you read last week, the U.S. auto industry continues its climb out of the coronavirus ditch, with foreign automakers pushing back at a briefly dominant Detroit in a bid to restore sales sanity.

The domestic three managed to unload an awful lot of big-margin trucks during the lockdown, propelling scared customers into dealers with zero-interest financing on long-term loans. Detroit’s rivals have now fully caught on, fighting back with their own offers. For Lexus, the new proposal to buyers doesn’t even end at the new-car lot.

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Pandemic Discounts: One Buick Tops Them All

Not sure about you, but these past few weeks has seen yours truly think more about remdesivir and potatoes (at alternating times) than the Buick brand. I’d put the ratio somewhere close to 99:1, though you could add an extra digit to that first number and probably still be bang-on.

Yes, it’s a brand that’s not top of mind, earning itself more headlines for ditching cars than for adding crossovers. And yet, when our lockdowns end the the virus is vanquished and the open road cries out its alluring siren song, cushy, long-legged cruising machines might be the first thing to cross your mind. It seems Buick has just the thing for you, but you’ll have to act fast — and search long and hard.

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Volkswagen Wants to Make Coronavirus Car Buying Less Terrifying

Volkswagen has decided to waive up to six months of payments for customers who lost their jobs due to the economic complications of the coronavirus pandemic. Of course, there’s a catch. Customers have to qualify for VW’s expansion of its “Community-Driven Promise” and must have recently purchased a new vehicle, though avenues exist to help existing customers who aren’t brazen enough to buy a new car after a viral outbreak.

The manufacturer previously said it would defer payments up to 90 days for existing Volkswagen Credit (VCI) customers affected by the economic crisis. While most automakers are trying to sweeten the pot while demand is down, deals and relief packages have rolled out pretty gradually. By contrast, VW seems to be doing quite a bit all at once — here’s how one goes about getting into those programs.

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Dead Car, Dismal Discounts

Yesterday was a sad, sad day for lovers of the traditional domestic full-size sedan — a rapidly vanishing breed. The last Chevrolet Impala rolled out of Detroit-Hamtramck, and with it the last General Motors big car.

Chapter closed.

It’s a sign of the times. By the end of this year, Buick’s lineup won’t even play host to a single car, let alone a big, four-door one. Cadillac dropped its CT6 in January. But if you’re thinking that the Impala’s discontinuation will lead to immediate, juicy discounts, think again.

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Incentivized 'Stang: Cash Falls Like Leaves on Outgoing 2019 Mustang

It’s hardly unusual for an automaker to boost incentives in the fall, stimulating buyer interest in a bid to clear out current-model-year inventory, but market forces appear to have made Ford extra generous this October.

Starting late last week, the automaker is adding an extra $1,000 off most 2019 Mustangs, with extra financial grease heaped on EcoBoost models. It’s more cash than buyers got last year at this time, but then again, the Mustang isn’t exactly where it would like to be.

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Ask Bark: Bitten by a Bark's Bite

One of the great joys I’ve had over the last six years of writing for this site has been offering my advice (for what it’s worth) to the loyal readers of TTAC, the Best & Brightest. Nearly every person whose question I’ve answered has written to tell me that they appreciated what I’ve written in response to their advice, even if he or she didn’t follow it exactly. But today, I got an email from somebody who ended up feeling the sting from my words. Let’s hear from our friend Quincy and see if we can help him.Hi Mark,I was recently reading your article about the deals that could be had on left over inventory and I felt inspired to test the waters. My local Buick dealer in Metro Detroit had a 2018 Regal TourX Preferred in silver with a MSRP of $36k and I was happy to take it home for $23.5k before TTL. However, the honeymoon came to a screeching halt as I was introduced to the concept of lot rot. Back to the dealer for new brakes. To make a long story short, the driver’s front wheel came off during the technician’s new brake road test and moved in a generally northeast pattern towards the A-pillar. With only 444 miles, my car sits in the dealer’s back lot with a driver’s door impinged by a front fender. The only offer from the owner of the dealership is to let them repair the car in-house or they won’t cover the costs of the repairs. Do I really want the dealership that damaged the car to fix it? With no parts is sight (GM strike) and a damaged vehicle history, I’m finding the dealer’s offer leaves me less than satisfied. So what would you do in my shoes?Thanks,QuincyUgh. That sucks.

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America's Cheapest Lease: Pay Little, Go a Reasonable (but Not Exceptionally Long) Distance

There’s a new version of a rarely-seen car coming out for 2020, meaning if you’re living in the right place, and can find one, you may be able to get into a $109/month lease with nothing down. That’s currently the best lease offer in the country. So, what is this low-priced wonder car?

Well, it gets 124 miles to a charge, seats five, and hails from Ulsan, South Korea.

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  • Corey Lewis Think how dated this 80s design was by 1995!
  • Tassos Jong-iL Communist America Rises!
  • Merc190 A CB7 Accord with the 5 cylinder
  • MRF 95 T-Bird Daihatsu Copen- A fun Kei sized roadster. Equipped with a 660cc three, a five speed manual and a retractable roof it’s all you need. Subaru Levorg wagon-because not everyone needs a lifted Outback.
  • Merc190 I test drive one of these back in the day with an automatic, just to drive an Alfa, with a Busso no less. Didn't care for the dash design, would be a fun adventure to find some scrapped Lancia Themas or Saab 900's and do some swapping to make car even sweeter. But definitely lose the ground effects.