Hyperdrive
Foxconn Completes Acquisition of Lordstown Motors Electric Truck Factory
- Taiwanese company will pay $230 million, produce pickup
- The iPhone maker aims to expand in electric-vehicle production
The Lordstown Motors Corp. Endurance electric pickup truck in Lordstown, Ohio, US.
Photographer: Matthew Hatcher/BloombergThis article is for subscribers only.
Taiwan’s Foxconn Technology Group completed a transaction with Lordstown Motors Corp. to acquire the electric-truck startup’s Ohio factory for $230 million and take over production of its Endurance pickup truck, a critical step as the iPhone manufacturer seeks to diversify into electric vehicles.
Foxconn will invest $55 million for 55% of a joint venture for product development, and will take on approximately 400 Lordstown employees, the company said in a statement. The facility will become the Taiwanese company’s EV manufacturing hub for North America, it said.