EV start-up Lordstown files for bankruptcy, sues Foxconn — via drivingdotca autonews
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The “Lordstown” I’m alluding to there is the American electric truck start-up, which late June announced, resulting in shares dropping by up to 67 per cent, to US$2.77 as of Monday, June 26, reports Bloomberg. It’s quite the fall: in 2021, stocks in the company were worth over US$400. Lordstown Motors – named after the location of its HQ, in Lordstown, Ohio – had been ramping up truck production as part of a planned joint venture with Taiwan’s Foxconn, the world’s largest technology manufacturer, renowned for building Apple iPhones. But Foxconn recently said it was ready to pull the plug on the partnership, something Lordstown predicted could bring down the automaker if both sides couldn’t come to terms. It is, as a result, also filing a lawsuit against Foxconn.
In the bankruptcy filing, Lordstown indicated it had as much as US$500 million of both assets and liabilities, and zero debt. So what happened?Let’s go back a few months. In November 2022, Foxconn agreed to sink as much as US$170 million into Lordstown and occupy two of its board seats, giving Lordstown desperately needed capital and giving Foxconn a larger presence in the automotive industry.
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