Lordstown claims Foxconn used its contracts to destroy its business and leverage its resources car auto cars
has filed for Chapter 11 bankruptcy and issued litigation against Hon Tai Technology Group and Foxconn, the company that Lordstown sold its Ohio plant to and entered into a manufacturing agreement with.
Lordstown Motors claims that Foxconn has caused it material and irreparable harm and that it is commencing a comprehensive marketing and sale process for the Endurance pickup and all of its related assets. Following Foxconn’s purchase of the manufacturing site, the carmaker says it had contractual assurances that the iPhone manufacturer would support the introduction of the Endurance through a joint venture development program.
By filing for Chapter 11 bankruptcy, Lordstown is confident it can find a buyer who will use the Endurance as a “springboard” to launch their own . It adds that the right “buyer could utilize the Endurance platform to create multiple EV variants.” The carmaker also believes that its bankruptcy restructuring will expedite its litigation against Foxconn.
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