Foxconn is buying Lordstown Motors’ Ohio EV factory for $230 million



Lordstown Motors Headquarters Ahead Of Earnings Figures

iPhone assembler Foxconn is buying an automotive factory from struggling EV startup Lordstown Motors for around $230 million, the companies announced late Thursday. Foxconn says it has agreed to build Lordstown Motors’ electric pickup truck at the plant, which is where General Motors used to make the Chevrolet Cruze, and that the startup will remain a tenant there. Lordstown Motors will also “agree to provide Foxconn with certain rights with respect to future vehicle programs.”

The deal gives the Taiwanese conglomerate its first automotive factory, and a significant new presence in the United States — one that the company will use as it tries to establish itself as a global electric vehicle automaker. Foxconn previously announced a…

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