Lordstown Motors reaches deal with Foxconn to work jointly on electric vehicle programs

Lordstown Motors has announced that it has reached agreement with Taiwan's Hon Hai Technology Group (Foxconn) to work in partnership on Lordstown Motors’ electric vehicle programs.

In a joint release sent out on Thursday, Foxconn announced that it will purchase approximately $50 million of Lordstown Motors' common stock at a price of $6.8983 per share.

Subject to a definitive agreement, Foxconn would purchase the Lordstown facility, excluding Lordstown Motors’ hub motor assembly line, battery module and packing line assets, certain intellectual property rights and other excluded assets, for $230 million.

Once an agreement is finalized, Lordstown Motors would then enter into a long-term lease for a portion of the existing facility for its Ohio-based employees, and Foxconn would offer employment to agreed upon Lordstown operational and manufacturing employees.

READ MORE: https://www.wkyc.com/article/money/business/lordstown-motors-reaches-deal-with-foxconn-to-work-jointly-electric-vehicle-programs/95-20a2f0a6-fc1c-49e6-9bf9-8826a4d570c0
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