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Lordstown Motors factory sale to Foxconn closes

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Workers install door hinges to the body shell of a prototype Endurance electric pickup truck on June 21, 2021 at Lordstown Motors’ assembly plant in Ohio.

Michael Wayland / CNBC

Embattled electric vehicle start-up Lordstown Motors said Wednesday it has closed a $230 million deal to sell its Ohio factory to Taiwanese contract manufacturer Hon Hai Technology Group, better known as Foxconn.

Lordstown’s shares surged more than 35% in after-hours trading following the news.

The deal to sell the plant, a former General Motors factory, has been seen as a critical lifeline for Lordstown, which has run through nearly all of the cash it raised in a merger with the special-purpose acquisition company…



Source cnbc.com

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