Taiwan's Foxconn concludes deal to buy Lordstown EV plant in Ohio
Foxconn Technology Group has concluded a deal with the Lordstown Motors Corporation to purchase the latter’s electric pickup plant in Ohio for US$230 million (NT$6.86 billion), reports said Thursday (May 12).
The agreement, reached a week before a May 18 deadline, will give the iPhone contract manufacturer its first base in the United States to produce electric vehicles (EVs) — first the Lordstown Endurance pickup and later the Fisker PEAR SUV.
In addition to the factory itself, the deal also covers a joint venture of which Foxconn holds 55% and Lordstown 45%, and includes safeguards for the 400 employees already working there, CNA reported.
The new venture will develop vehicles based on Foxconn’s Mobility in Harmony (MiH) Open EV Platform, according to a Foxconn news release. Its investment in the joint project will reach US$55 million and launch the Endurance pickup during the third quarter of 2022. Read More…
