Cash-starved Lordstown Motors missed its deadline for closing the sale of its plant to Taiwan’s Foxconn EV Technology Inc., a deal critical to the startup’s execution of electric light-duty trucks focused on commercial fleets.
The two agreed to an asset purchase agreement (APA) in November 2021. Under the deal, Foxconn would purchase the 6.2 million-square-foot Lordstown complex from LMC for $230 million.
The deal was supposed to close Friday. But is being held up by details of a contract...
https://www.freightwaves.com/news/time-running-out-for-lordstown-motors-to-complete-foxconn-deal