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Lordstown Sells EV Factory to Foxconn

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May 16, 2022—Foxconn Technology Group on Thursday completed the purchase of Lordstown Motors' Ohio EV manufacturing plant.

According to a report from The Detroit News, Foxconn spent $230 million for the plant and is set to take over production of Lordstown's embattled Endurance electric pickup. 

The Taiwanese tech company, most well-known as the primary manufacturer of Apple's iPhone, will invest $55 million into development to make the plant its North American EV hub. It will also retain around 400 Lordstown employees. 

"The finalization of the Ohio transaction provides relief for Lordstown, whose shares rallied on the news after the close of regular U.S. trading Wednesday and were up about 17% to $1.77 in premarket trading Thursday. The company's stock sank May 9 after it said the closing might be delayed as late as May 18," the Detroit News report said. "Foxconn previously had made $200 million in down payments toward the purchase. Had the deal not closed, Lordstown would have had to pay the money back — something it didn't have enough cash to do."

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