By on October 1, 2021

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.  (Read More…)

By on August 26, 2021

Lordstown Motors has entered into the phase where an EV startup has to tread water now that everyone knows it failed to disclose various production hurdles and shared inaccurate information about the pre-orders it has been bragging about. The only thing offsetting this bad situation is that our misgivings regarding Lordstown could probably be a little worse. Nikola and Faraday Future told some real whoppers, while the Ohio-based company appeared to have at least one toe dipped in the waters of truth. But we can’t exactly call lying a little less than the competition a major triumph.

It remains a bad situation, particularly because Lordstown lost CEO Steve Burns almost immediately after stating the company was “highly dependent” on his leadership in June. However, the firm said it had remedied the situation by appointing Daniel Ninivaggi as the new chief executive on Friday.  (Read More…)

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