The electric truck maker Lordstown Motors filed for Chapter 11 bankruptcy protection on Tuesday and put its assets up for sale.
The two companies had entered into a strategic partnership in which Lordstown had agreed to divest its manufacturing facility in Ohio. In turn, Foxconn would facilitate a vehicle development program, leaning on its vast global supply chain network.
Lordstown, which operates out of a former General Motors plant, said it’s looking to sell its Endurance pickup and related assets. Its shares sank nearly 40 percent in morning trading.
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