U.S. electric truck manufacturer Lordstown Motors files for bankruptcy protection and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan’s Foxconn.
Audience members look on during the Lordstown Motors Corp. Endurance electric pickup truck reveal event in Lordstown, Ohio, on June 25, 2020.U.S. electric truck manufacturer Lordstown Motors filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan’s Foxconn.
The automaker, named after the Ohio town where it is based, filed for Chapter 11 protection in a Delaware bankruptcy court. In the complaint, Lordstown accused Foxconn of fraudulent conduct and a series of broken promises in failing to abide by an agreement to invest up to $170 million in the electric-vehicle manufacturer.
The Taiwanese company said on Tuesday that it had maintained “a positive attitude in conducting constructive negotiations with Lordstown” but said the U.S. firm had been reluctant to perform the investment agreement in accordance with its terms. to sue Foxconn after receiving a letter from the company that led Lordstown to believe Foxconn was unlikely to make its additional expected investment.
Should Lordstown fail to find a rescuer willing to re-start full production of the Endurance, the Ohio factory could be a draw for overseas automakers looking for a quick way to build vehicles in the United States.
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