Foxconn plans to invest $170 million in Lordstown Motors, deepening its investment in the EV truck maker
The startup plans to use the funds to hire engineers, and will develop an electric vehicle with the Taipei-based contract manufacturer
The climate bill recently passed by the Senate could knock thousands of dollars off the sticker price of electric vehicles, but it is also redefining which cars are eligible. WSJ’s George Downs breaks down the new rules and what they mean for the EV industry. Illustration: George DownsFoxconn Technology Group, the world’s biggest contract manufacturer for electronics,in Lordstown Motors Corp.
The two companies said Monday that Taipei-based Foxconn plans to spend $170 million to buy common stock and newly created preferred shares, providing Lordstown Motors with a fresh injection of capital as it works to increase production of its debut model, the Endurance.
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