ToplineElectric truck company Lordstown Motors plans to sell the giant former GM factory in eastern Ohio it had attempted to revive to Taiwan-based manufacturing giant Foxconn, the automaker said Thursday, a major move in the U.S. for Foxconn and a potential salve for Lordstown’s financial problems. The Lordstown Motors factory where GM once operated, in Lordstown, Ohio on October 16, 2020. AFP via Getty ImagesKey FactsIn a non-binding agreement unveiled Thursday afternoon, Foxconn agreed to buy Lordstown Motors’ factory for $230 million and contract to produce the U.S. company’s upcoming Endurance electric pickup truck, and Lordstown plans to lease back part of the factory. Foxconn agreed to purchase $50 million worth of shares in Lordstown Motors. Key BackgroundTwo years ago, Lordstown Motors purchased its Ohio manufacturing plant from General Motors for $20 million, planning to use the shuttered factory to launch a line of electric trucks.

Source: Forbes October 01, 2021 00:56 UTC