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Foxconn buys Lordstown Motors’ old GM factory for $230 million

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Lordstown Motors gave rides in prototypes of its upcoming electric Endurance pickup truck on June 21, 2021 as part of its “Lordstown Week” event.

Michael Wayland / CNBC

Taiwan-based electronics manufacturer Foxconn is moving ahead with a plan to acquire a Lordstown Motors vehicle assembly plant in Ohio for $230 million, the companies announced on Wednesday.

The cash-strapped electric vehicle start-up will find some relief from the capital infusion, while the partnership gives Foxconn a jump start on producing fully electric trucks. Shares of Lordstown rose more than 13% after hours on the news.

According to a statement from the companies, Foxconn acquired $50 million of common stock…



Source cnbc.com

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