Hyperdrive
Foxconn Starts EV Production in US With First Lordstown Pickups
- IPhone manufacturer Foxconn has sought to diversify operations
- Lordstown shares fall as it says additional capital is needed
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Taiwan’s Foxconn Technology Group has started building electric vehicles for Lordstown Motors Corp., a milestone as the company better known for making iPhones diversifies its operations.
Lordstown expects to deliver 50 of its Endurance pickups this year after the first two rolled off the line at a former General Motors Co. plant in Ohio, according to a statement Thursday. The EV company will have to raise additional capital to deliver the next 450 vehicles planned for the first batch of production, currently slated to be handed over in the first half of 2023.