Foxconn to buy Lordstown Motors’ EV assembly plant in Ohio

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Hon Hai Technology Group (Foxconn) has disclosed plans to acquire from US electric vehicle (EV) maker Lordstown Motors an assembly plant in Ohio for US$230 million and invest US$50 million in the carmaker’s equities.

Foxconn said it has reached an agreement with Lordstown – a provider of electric light duty trucks focused on the commercial fleet market – in principle to work jointly on the US carmaker’s EV programs at its 6.2 million square-foot production and assembly plant in Lordstown, Ohio. The acquisition would exclude Lordstown’s hub motor assembly line, battery module and packing line assets, certain intellectual property rights and other excluded assets.

 

https://www.digitimes.com/news/a20211001VL200.html

 

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