Lordstown Motors To Sell Its Facility In Ohio To Foxconn

(RTTNews) - Ohio-based electronic vehicle startup Lordstown Motors (RIDE) is in talks with Taiwanese company Foxconn to sell its facility, according to Bloomberg. The EV company is struggling to keep its 6.2 million square foot factory, which it bought from General Motors back in 2019. The carmakers had said in August that the company is going through a cash crunch and it is considering renting out the property to raise some funds. According to reports, Lordstown has invested around $240 million to make the place production-ready for its only electric truck the Endurance. But ever since setting up the factory, the company has been under fire with controversies. The then CEO of the company, Steve Burns, who had previously tried his luck with another EV startup, Workhorse, was caught lying about the preorders of the Endurance and was forced to quit the company earlier this year. The company went public in 2020, but after the failure of its vehicle, the company has reported that it can only survive till mid-2022. Both the DoJ and the SEC have launched investigations against the company. On the other hand, Foxconn, which assembles the iPhones are going to debut in the electric vehicle industry. The company has previously made their wills clear and have partnered with Chinese automakers Geely. Among other partners of the company is Fisker, Inc., a California-based EV company that is yet to launch its first EV. Foxconn has also joined hands with Thai fuel company PTT PLC to manufacture 50,000 vehicles in the country. Previously, Foxconn had said that it will make the EVs in its facility in Wisconsin, but due to legal problems, Henrik Fisker, the founder of Fisker, backed out of the option. Lordstown announced that it will deliver the Endurance to select customers in 2022. While the deal is not yet official and none of the companies have reacted to the rumors, the people in the know think that the deal is just days away from seeing the light of day.