Lordstown Motors Corp unveiled their fully electric Endurance pickup truck during an unveiling ceremony at the plant, June 25, 2020.LORDSTOWN, Ohio — Lordstown Motors announced that is has closed on a deal with Foxconn to sell its former GM plant to the Taiwanese manufacturer. Foxconn will now manufacturer Lordstown’s Endurance pickup truck and take on hundreds of the automaker’s employees.
The news came just days after an earnings call where Lordstown Motors executives said they had yet to reach a final deal. Hon Hai Technology Group, better known as Foxconn, and Lordstown Motors had been working on the deal since September.
Foxconn will own 55% of the new venture and is committing $100 million to it, which includes a $45 million loan it’s giving to Lordstown Motors for its part of the new joint venture. He said getting the Endurance to market is still the top priority. Ninivaggi said it will be the second electric full-size pickup truck on the market, and they expect it to do well once it’s in customers’ hands.
In June 2021 Lordstown Motors notified federal regulators that it didn’t have enough money to start commercial-scale production of its Endurance pickup truck.
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