Taiwanese electronics manufacturer Foxconn has struck a deal with Lordstown Motors to buy the company’s assembly plant in Ohio for $230 million.
Lordstown was revealed to be in talks with Foxconn over the purchase of the plant earlier this week, but the specifics of the deal were unclear at the time. It has now been confirmed Foxconn will purchase the former General Motors plant for $230 million and will also invest another $50 million in Lordstown Motors itself as part of the transaction.
Foxconn, which is well known as the assembler of the Apple iPhone, will produce the Lordstown Endurance electric pickup on behalf of the company at the Ohio plant. Lordstown Motors will also provide production support to Fisker Inc. as part of the deal. Fisker Inc., a startup electric automaker founded by designer Henrik Fisker, entered a similar manufacturing partnership with Foxconn earlier this year.
Lordstown Assembly exterior in 2012
In a press release issued Thursday, Foxconn chairman Young Liu said the deal will help Lordstown will help the company “establish electric vehicle production capacity in North America,” as it looks to expand its business beyond consumer electronics.
“This mutually beneficial relationship is an important milestone for Foxconn’s EV business and our transformation strategy,” Liu said. “I believe that the innovative design of the Endurance pickup truck, with its unique hub motors, delivers an advantageous user experience and has manufacturing efficiencies. It will undoubtedly thrive under our partnership and business model.”
“We have high expectations through this partnership that we will be able to successfully integrate our resources with Lordstown Motors,” he added.
GM sold the Lordstown Assembly plant to Lordstown Motors back in November of 2019. The deal saw GM invest a total of $75 million into Lordstown Motors, which included the $20 million value of the plant and assembly equipment. As of January 2021, GM still owned 7.5 million shares of Class A common stock in Lordstown Motors.
Former Lordstown Motors CEO Steve Burns stepped down from the company earlier this year amid a Securities and Exchange Commission investigation. The SEC was put onto Lordstown’s trail after a short seller report accused the company of misleading investors and lying about the number of pre-orders it had received for the Endurance.
The Lordstown Endurance is a fleet-oriented pickup powered by four in-wheel hub motors, which together have a maximum system output of around 600 horsepower. The truck has an estimated range of 250 miles. It will first launch in Crew Cab configuration with a medium length bed and will be priced from $52,500 USD. Production of the truck is expected to begin later this year.
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Comments
If you think about it…GM chose to stop producing the Cobalt (Dumbest idea ever) and basically gave away the Lordstown Plant to Lordstown Motors. It was as close to a giveaway as it gets.
Now Lordstown is selling it to Foxcon meaning GM basically gave away this Plant to a Chinese EV Automaker. Like I have been saying for the last three years, if Chrysler, Ford, and GM do not shift to BEV’s soon enough, the Chinese will come here and sell vehicles in Droves because people want EV’s. There aren’t many being sold right now because they’re not many on offering as of right now. This is not good news for the Big Three at all. I pray they do not act as they did when Toyota and Honda came to our shores and then later Hyundai and Kia. Take this very serious and have a plan.
Pray to who? Your fake magic man upstairs?
There are very few people who want EV’s, your on something or listening to stupid Climate wackos. It will be a mixed market for a long time. 2035 will not be the end of ICE engines. GM has even said that was just a date. All these companies are doing is trying to become carbon neutral. Once they do that they will sell both EV and ICE cars. EV cars are not the answer until you can charge any where in 5-10 minutes and charge with solar panels and we are not even close. Those thinking this will slow CO2 don’t understand that the earth creates 95% of CO2. More volcanoes just went off and I gurantee you they will say CO2 went up this year and not say one word about the volcanos which just one exploding release more CO2 in one year than humans can do in 10. Not to mention all the other gases they release. So called Electric future is a pipe dream.
Very few people? Tesla is selling roughly 250k cars in the US this year. They don’t have any real SUV’s or a truck, and plenty of people say they’re put together with duct tape and chicken wire, and that they are way overpriced.
Lucid just launched with a full-size model that has a rating of 520 miles.
How long do we think it takes before you can get a 50-60k car with 750 miles of range, plug it in at home, or 10 mins of charging for half range…and isn’t put together like crap? Guessing, not many years at all.
Personally, the idea of never using another gas pump or walking around on disgusting greasy pavement is pretty appealing…and it has nothing to do with climate. It’s just better, faster, represents fewer chores and provides a more pleasant life. At that point, pretty much everyone’s gonna want one…the only thing stopping EV’s will be supply, and grid capacity.
Yes, few people. 250K is only a big number on its own. Tesla selling 250K EV in a year is a small number in the big picture. Ford sells 1 million F150 in year. GM combined sales of Silverado/Sierra is nearly 1 million as well. Add these 3 numbers together you get 2.25 mil, of which Tesla is 11.1%. Tesla’s EV percentage is only going to get smaller and small as you add in all the other non-EV vehicles produced by Ford and GM, and even smaller still as you begin adding in all the other non-EV vehicles produced by every other auto manufacturer.
So, yes, very few of 7 billion people are buying EV.
Come on…you don’t think a good number of those F150’s and Silverado’s are going to be EV’s in the future? The argument is a bit strained when you can’t even buy one yet. Maybe I’m wrong, but what truck guy isn’t going to want a faster, stronger and better handling truck that doesn’t require a gas stop?
I just can’t buy the idea that most EV demand is connected to climate…most buy because its a better for them. Kind of like electric golf carts more or less killed the gas ones…it was never about climate. One guy’s opinion.
@not4one
Exactly. Truck drivers will love EV’s. They are so much quicker. They will save Hundreds of Dollars in Gasoline per month. They will have the latest and greatest Tech as well.
And yes I agree with you on EV Demand not necessarily being tied to Climate.
I for one DID NOT purchase my EV for Climate reasons. I chose it because for the money it is hands down the best Car I could have purchased.
Did you really just ask what truck guys in the future wouldn’t want a ev truck? And I think you left the part out about having to stop for a recharge.
You’re assuming range won’t grow….once you get in the 700+ mile range (and we’re already at 500) you’re covering 99.99% of daily drives and you never need to stop…the charge is overnight. Beats a gas stop at some grimy 7-Eleven…and you won’t need to time your rest stop to the gas gauge. Freedom baby!
I bet you do drugs.
Ye of little faith…I’m betting Ford and GM can pull this off
Let me guess you are a pill head right? Or heroin?
Shut your mouth!!!!
Not to mention charging an EV will cost just as much if not more than gassing up an Ice vehicle. Rest assured the govt. will find a way to tax the hell out of the electricity used to charge the EV.
Maybe, maybe not, but at the same price who’s going to pick a slower, lazier and more ponderous pick up that’s less capable, and that needs a gas stop twice a week and oil changes every 6 months. People got stuff to do.
@Jessie
Do you not STOP to fill up your Gas Tank?
I am very confused with your take. Were you trying to be sarcastic about needing to Charge an EV and forgot that you do actualy need to fill up a Gas tank as well?
A side note….I ONLY need to stop to Charge when on a road trip…..so actually I am very confident I have spent Muuuuuuuuuch less time at a Supercharger these last two years than you have at Gas Stations.
You may not have to make a gas stop, but you will have to make a charging stop. Which takes longer? Wain until you have to replace the batteries.
Why would I forget? How much have you spent on charging the last 2 years I guarantee you have spent more then me. “My take’ as you put it is charging a vehicle is not fast people talk this oh well they will get better and more places lol ugh when? They will never be all over the place like a gas station. Now do yourself a favor and go buy a fire extinguisher before you vehicle busts into flames
Well, they’re are plenty of grocery stores and parking lots with fast chargers (it’s not like you’re standing there waiting for the pump to finish). And, if you have 500+ miles of range, how often are you ever going to need a charging station? For most people, a couple times a year…the rest would be in the garage overnight. If I’m in New Jersey, I’m good with a gas station, elsewhere, any way to avoid it is a good thing.
Good park your bolt In your garage that will be a nice insurance claim when your house burns down.
You may not have to make a gas stop, but you will have to make a charging stop. Which takes longer?
Tesla might hit a Million Vehicles sold this year. They are a small Company with only TWO factories and they are NOT cheap vehicles at all.
It is laughable when I hear people saying there is no EV demand simply because they do not like them.
Tesla will be a Five Million vehicle Producer by 2025/2026
I still stand by my prediction years ago.
It’s laughable to see you say they will sell a million vehicle this year. Now go pray to your fake god your magic man upstairs
All good if it’s an American company on the cutting edge and they’re built by Americans in Fremont. I saw a Lucid Air with Manufacturer Plates on I-80 in Sac on Thursday. It looks great. As long as it isn’t owned by Hon Hai Precision Industry Co. or any other PRC entity, more power to them.
Never really considered how gross gas stations are and since you either have to pump your own or drive to Oregon for Full Service, the prospect of charging at home means you’re full every morning and even if you’re commuting roundtrip from the Sierras to the Bay every day, many of these electrics will have sufficient range to get you there and back without worry. But we sure as Hell don’t need the probably illegitimate, absolutely corrupt Biden administration forcing us to “see the light”. Gas vs electric should be OUR choice and since the greatest threat to the entire world, China (not Russia you impressionable leftist dweebs) will be profiting from strip mining the globe for rare earth metals, I’ll stick with gasoline and diesel as long as I can, thanks.
Almost every single new EV Vehicle launch got sold out in no time or are getting insane orders.
You can deny EV’s all you want I guess. I live in the Wold of Facts not opinions.
What are the insane orders tell me the numbers?
Isn’t Foxconn Taiwanese, not Chinese? I know China thinks Taiwan belongs to them but the rest of the world, and the Taiwanese themselves, disagree.
The whole gm giveaway to Lordstown Motors was just to keep Trump happy. They did it with the pretense of saving US jobs which he was fighting for. Essentially gm gave away a plant to a competitor so that the workers there could stay employed. It made gm look like they cared and kept Trump from going nuclear on Barra. With him gone, they’re free to sell the place out to foreigners and acknowledge the jobs are gone.
The rest of the world or just the cowards who live in the USA?
still waiting for china to invade taiwan. hahaha!!!!
Not waiting for anything steve read the comments again since I can tell reading comprehension is not your strong suit.
2022 year of the tiger!!! hahaha!!!! that’ll be the time right???
Oh I get it now steve you wanna talk about what we spoke about several weeks ago still? I’m sorry I didn’t catch on at first since I was only looking at what was being said here. You must of gotten really embarrassed to still be holding on to that. But that’s fine with me if you wanna talk about how you lost to sheep herders and killed an innocent family with drone strikes then come on make your first statement.
That’s what I thought. Now sit there and be quiet before you get embarrassed again.
when did xi tell you the invasion was going to take place??? i’m asking for a friend in taiwan. she wants to book her ticket now to save a few bucks on the airfare.
Lol you can’t think of anything else can you? It must sting bad to get embarrassed like that a few weeks ago that you couldn’t wait until you had another chance to bring it up 🤣. Then you do get the chance but you embarrass yourself with your foolish comments. I feel sorry for you I wonder how long you will be stressing it this time.
i get off on being embarassed by someone like you. it makes me ….. feeel alive!!!!
so in 6 months after china takes over taiwan as you predicted, do you have any recommendations on hot pot places i should try?
You can’t afford to travel anyways so what’s it matter?
You are an idiot steve
You aren’t that smart are you Steve?
FoxCON? I’m not going to get into the EV v ICE debate. How ever I would be very surprised if FoxCON builds any thing at Lordstown. Ask the people in Wisconsin and, IIRC, Pennsylvania.