Lordstown Motors closes plant sale to Taiwan’s Foxconn

Front 3/4 view of silver Lordstown Endurance electric pickup truck on display at the Advanced Clean Technology Expo in Long Beach, California.

Lordstown Motors Corp. has sold a former General Motors plant it essentially got for free, netting about $257 million to keep its commercial electric pickup truck production on track. But the new plant owner — Taiwan electronics maker Foxconn — will build the trucks as part of the deal.

The clock was ticking against a Saturday deadline that would have forced LMC to forfeit most of its assets to repay $200 million Foxconn advanced on the plant purchase. 

The cash infusion clears some of the rocks...

https://www.freightwaves.com/news/lordstown-motors-closes-plant-sale-to-taiwans-foxconn

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