Foxconn is well-known as a contract manufacturer for the iPhone.
The startup is reportedly using just 30 percent of the facility.
Ninivaggi previously worked for Carl Icahn’s holding company, Icahn Enterprises.
Lordstown Motors needs more capital to begin builds trucks.
A spot of good news for the struggling startup.
Lordstown is also facing an SEC investigation.
GM owns a 5 percent stake in Lordstown Motors.
The Lordstown Endurance is an EV truck aimed at fleet buyers.
GM can purchase the credits at a 25% discount.
The EV startup is accused of misleading investors.
The short seller accused Lordstown Motors of misleading investors.
The test mule was only on the road for 10 minutes before it went up in flames.
GM isn’t the only company working on electric commercial vans.
Regular series production is set to begin in September.
The company says it does not need the loan in order to begin production of its new electric pickup, however.
Prices for the truck start at $52,500.
Would you buy an electric RV?
The company is now trading under the ticker RIDE.
GM must also invest $12 million in community development in Ohio.
The pre-orders equal roughly $2 billion in potential revenue for the startup.
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