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With Lordstown deal complete, Foxconn pivots to EV


Lordstown Motors on Wednesday announced the completion of the sale of its former GM plant to Hon Hai Technology Group — also known as Foxconn, best known as the contract manufacturer of the iPhone.

That makes Foxconn an automaker and allows for some potential electric vehicle production at the Lordstown, Ohio site.

One of these is the assembly of the Lordstown Endurance electric pickup truck, which will be overseen by Foxconn as a contract manufacturer with “no disruption to operations”, according to a statement from Lordstown. The companies plan to produce electric trucks starting in the third quarter of 2022, with the first commercial deliveries in the fourth quarter.

Foxconn will also invest $100 million in a joint venture with Lordstown Motors and engineering vehicles to base it on. Foxconn’s MiH (harmonious mobile) platform. The joint venture, 55% owned by Foxconn and 45% by Lordstown, is called MIH EV Design LLC and will “develop electric vehicles for the global market”.

Lordstown Endurance

Lordstown Endurance

The joint venture could basically be the missing piece allow Lordstown to become possible beyond production start time Durability.

Specifically, the companies say, these products will be available to both the North American commercial vehicle market and other OEMs around the world, and that the joint venture will aim to “achieve mass production at scale.” lower and shorter time to market”.

On the other hand, the deal mostly continues as set forth in November 2021, which includes $260 million in proceeds to Lordstown Motors, plus a previous $50 million purchase of common stock. Lordstown says it will maintain a presence in Lordstown, along with staff in Farmington, Michigan and Irvine, California.

Henrik Fisker with Project PEAR EV

Henrik Fisker with Project PEAR EV

The deal has yet to say anything about another potentially important piece of the deal. Foxconn proposed to assemble $30,000 Urban Fisker Pear EV at the Lordstown factory. With Foxconn now taking command of the plant, that could allow electric pickups, urban electric vehicles, commercial vehicles, and more – all of which are manufactured at a site that GM abandoned in the wake of the disaster. promote his electric car.



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