Lordstown Motors says it is in danger of failing because Foxconn is looking to back away from an agreement to invest up to $170 million in the commercial electric vehicle startup.
A mural is displayed on the wall outside the Lordstown Motors plant, June 22, 2021 in Lordstown, Ohio. Lordstown Motors Corp. says it is in danger of failing because Foxconn is looking to back away from an agreement to invest up to $170 million in the commercial electric vehicle startup.
“As a result of these uncertainties, there is substantial doubt regarding our ability to continue as a going concern,” the company wrote. Shares of Lordstown Motors Corp., based in Lordstown, Ohio, tumbled 28% in midday trading on Monday, to 13 cents each. Shares traded for as much as $29 in 2020.
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