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

2 Views
Published
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
Category
Job
Be the first to comment