Lordstown Motors on Wednesday introduced the completion of the sale of its former GM manufacturing facility to Hon Hai Know-how Group—in any other case often called Foxconn, finest often called the contract maker of the iPhone.
That makes Foxconn an automaker, and permits a number of potential EV-making actions on the Lordstown, Ohio web site.
One in every of them is the meeting of the Lordstown Endurance electrical pickup, which will probably be overseen by Foxconn as a contract producer “with no interruption in operations,” in accordance with a launch from Lordstown. The businesses plan for manufacturing of the electrical truck to begin within the third quarter of 2022, with first business deliveries within the fourth quarter.
Foxconn may even make investments $100 million in a three way partnership that may work with Lordstown Motors and engineer automobiles to be primarily based on Foxconn’s MiH (mobility in concord) platform. The three way partnership, owned 55% by Foxconn and 45% by Lordstown, is to be known as MIH EV Design LLC and can “develop electrical automobiles for the worldwide market.”
The three way partnership might basically be the lacking piece that permits Lordstown to be viable past the beginning of Endurance manufacturing.
Particularly, the businesses stated, these could be each for the North American business car market and for different OEMs internationally, and the three way partnership will purpose “to realize manufacturing scale at decrease volumes and with a shorter time to market.”
The deal in any other case continues largely as specified by November 2021, together with $260 million in proceeds to Lordstown Motors, plus a earlier $50 million widespread inventory buy. Lordstown says that it’ll retain a presence in Lordstown, plus workers in Farmington, Michigan, and Irvine, California.
Henrik Fisker with Venture PEAR EV
The association says nothing but about one other doubtlessly vital piece associated to the deal. Foxconn has proposed assembling the $30,000 Fisker Pear city EV on the Lordstown plant. With Foxconn now in charge of the plant, that might allow an electrical pickup, an city EV, business automobiles, and extra—all to be made at a web site GM deserted forward of its electrical car push.