![]() The businesses recently announced that Foxconn would also be qualified for two seats on the board of directors. Foxconn will, on a pro forma basis, own all the outstanding preferred stock and 18.3 percent of the outstanding ordinary stock of Lordstown following the closing of the transaction. To put things into perspective - in addition to receiving reimbursement for around $27 million in operating and growth expenditures - Lordstown motors got $230 million in total revenues.Īs of today, the Taiwanese manufacturer is boosting its stake in LTM by investing $170 million in freshly issued common and preferred shares. EVs are inherently heavy, and extensive use of aluminum on hood, fenders, tailgate and doors, help keep the Endurances weight down to 6,450 lbs. In fact, Lordstown claimed in a document that it had severe cash flow issues that made it hard for it to function through June 2022 nevertheless, this new alliance offered the firm far more financial stability, and room to breathe. What became a fortunate and successful joint-venture agreement between Lordstown Motors and Foxconn, ultimately came to be the main (if not the only) factor to keep LTM's business going. The new Endurance electric pickup truck by Lordstown Motors has been in the news recently as the company begins production of the hub-motor-powered EV pickup. ![]() Foxconn, a sizable multinational electronics contract manufacturer well known for contract manufacturing Apple goods, came to the rescue. Latest technology in the Lordstown Endurance: Compare all specifications and. Well, it appeared that it was all over for Lordstown Motors, but there was still some hope. Like many startups, Lordstown Motors crashed and burned, filing for bankruptcy in a move industry observers have been predicting since last fall.
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