Foxconn Technology Group is investing $170 million in Lordstown Motors ($RIDE@US), a startup that is developing an EV Truck. The contract manufacturer is using the investment to purchase common stock and newly created preferred shares. Lordstown will use the funds to hire engineers and work to increase production of its debut model, the Endurance. Foxconn and Lordstown Motors also said they would jointly develop their first electric vehicle together.
Foxconn Technology Group is investing $170 million in Lordstown Motors ($RIDE@US), a startup that is developing an EV Truck. The contract manufacturer is using the investment to purchase common stock and newly created preferred shares. Lordstown will use the funds to hire engineers and work to increase production of its debut model, the Endurance. Foxconn and Lordstown Motors also said they would jointly develop their first electric vehicle together.
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