Tag Archives: Lordstown Motors

Foxconn Will Buy Lordstown’s Plant For $230M And Build Its Electric Truck

Foxconn will buy the factory currently being used by Lordstown Motors for around $230 million and has also agreed to build the automaker’s electric Endurance pickup truck at the plant.

Lordstown has been in dire straits in recent months after investigations from the Securities and Exchange Commission (SEC) and the U.S. Justice Department. In June, Lordstown said it wouldn’t be able to start production of the Endurance unless it raised more money. That’s what Foxconn is providing.

Read More: Lordstown Gets Lifeline As Investment Firm Agrees To Buy $400 Million Worth Of Stock

The Taiwanese company’s deal with the electric vehicle startup will also see it buy $50 million worth of Lordstown Motors shares, which ups the total investment to $280 million. The Lordstown site will also be Foxconn’s first automotive factory and comes as it tries to establish itself as a serious contender in the electric vehicle space. It has previously struck deals with the likes of Geely and Fisker.

Lordstown Bough The Ohio Plant From GM For $20 Million In 2019

Lordstown famously purchased the Ohio factory from General Motors in 2019 for just $20 million after the Detroit automaker announced plans to close it down and stop production of the Chevrolet Cruze. The Verge reports that the electric startup has invested $240 million into equipping the factory to begin producing its pickup truck.

The deal excludes asserts such as Lordstown’s electric hub motor assembly line, battery module and packing line assets, and certain intellectual property rights. It has also been confirmed that reaching a contract manufacturing agreement was a key condition to closing the purchase of the factory.

In July, Lordstown secured a lifeline after investment firm Yorkville Advisors committed to buying up to $400 million of shares from the company.

Lordstown Motors Unveils The Rugged Endurance Pickup That Will Race In The San Felipe 250

Of the 350 purpose-built vehicles that compete in the San Felipe 250 in Baja California, less than half cross the finish line. Lordstown will use the grueling event to showcase its technology.

Not only is Lordstown aiming to make its Endurance pickup truck the first electric vehicle to ever finish the race, it wants to use the race to prove the superiority of its in-hub motor technology. The tech puts motors in each of the wheels for all-wheel-drive performance in the most literal sense possible.

That does mean, though, that the motors will be taking the brunt of impacts, with little more than the rubber tires and the wheels to protect them. If they can stand the impacts of high-speed desert racing, though, Lordstown Motors hopes that you will be convinced the Endurance is more than capable to tackle everything the customers can throw at it. In fact, the company is convinced that the design will prove to be an advantage.

Read Also: Lordstown Motors Probed By SEC After Damning Short-Seller Report

“With the superior traction, weight balance, and advanced software control of our hub motor-based Endurance, we are confident that we will be the first EV to finish the San Felipe 250″, said CEO Steve Burns in February.

As we’ve seen before (though never in this livery), the Endurance has been lifted for the event so that it will be more capable of dealing with the harsh, Baja California landscape.

The race is set to take place on April 17 and will see entrants race a 290-mile desert loop that starts in San Felipe. Along with making sure that the truck can stand up to the punishment of the race, Lordstown will have to find a way to charge it, since its range is limited to 250 miles.

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