Foxconn makes first payment of $ 50 million to buy shares in electric pickup maker Lordstown Motors

The agreement signed by the parties in September implied that the Taiwanese company Foxconn would buy the former GM enterprise from Lordstown Motors for $ 230 million, where not only the production of electric pickups should be deployed, but also the contract assembly of other electric vehicles by Foxconn. As part of the deal this month, Lordstown Motors received its first $ 50 million from Foxconn.

Image source: Lordstown Motors

Recall that Lordstown Motors is a young company that developed the Endurance electric pickup truck with electric motors built into the wheels, but funding problems did not allow it to start producing cars on its own. Foxconn came to the rescue, which volunteered not only to buy the Lordstown facility in Ohio, but also to start producing electric vehicles on it for orders from third companies. At the same time, Foxconn is committed to becoming Lordstown’s official contractor for the aforementioned electric pickup trucks.

As explains CNBC, by the end of April 2022, a contract for the production of pickups should be signed. Foxconn bought $ 50 million worth of shares from Lordstown Motors this month. Foxconn will pay another $ 100 million on November 18th, and $ 50 million in February. The rest of the amount will be paid by the end of April. Lordstown shares were up 13% amid the news. After the completion of the April stage of the deal, Foxconn will receive the right to acquire another 1.7 million shares of the company at a price of $ 10.5 per share.

Foxconn’s second US manufacturing site will be located in Wisconsin, where an early initiative to produce LCD monitors and televisions has fallen short. Here it was decided to organize contract production of Fisker electric vehicles by 2023.

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