Foxconn Technology Group, the world's largest electronics contract maker, will increase its investment in Lordstown Motors, the once-troubled electric vehicle startup that recently started building its first all-electric pickup truck at a former General Motors plant in Ohio.
Foxconn Technology Group, the world's largest electronics contract maker, will increase its investment in Lordstown Motors Corp. (RIDE), the once-troubled electric car startup that recently started operations at a former General Motors company in Ohio. 's factory builds the first all-electric pickup.
Taipei-based Foxconn plans to spend $170 million to buy common stock and newly created preferred stock in Lordstown, the companies said on Monday, to inject fresh capital into Lordstown, which is working to ramp up production of its first model, the Endurance.
In addition, Foxconn and Lordstown said they would jointly develop their first electric vehicle, but did not provide further details about the project.
