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Foxconn is investing another $70 million in Ohio’s Lordstown Motors to pursue revamped ‘EV program’

Lordstown EV

Global tech company Foxconn has announced it will invest at least another $70 million and up to $170 million total in EV startup Lordstown Motors. Foxconn’s $70M investment in Common Stock shares of Lordstown will help the company with its corporate strategy, while the two parties are shifting their previously announced $100 million joint venture into a Preferred Stock investment that will fund a “new EV program” run within Lordstown Motors instead.

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Foxconn to manufacture electric tractors for Monarch at newly acquired Lordstown facility

Electric tractor

Foxconn has signed its first contract manufacturing agreement since acquiring a Ohio facility from Lordstown Motors. In addition to building EVs for Lordstown and Fisker Inc., Foxconn will now also be manufacturing advanced, driver optional electric tractors and battery packs for Monarch Tractors.

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Lordstown Motors closes sale of plant to Foxconn for $230M in much needed cash

Lordstown-Q2-2022-earnings

Back in an unassuming corner near the exit of the ACT Expo at the Long Beach convention center sits a black Lordstown Motors Endurance pickup. As at least two ACT attendees asked questions about the prototype, its manufacturers were publicly announcing the official sale of its assembly plant. Lordstown Motors has officially closed its deal with Foxconn, who will now build the former’s Endurance pickup under a new joint venture (JV) and manufacturing contract.

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Geely and Foxconn establish JV to push back against chip shortage

geely foconn chip shortage jv

Everywhere you look, you can see signs of an automotive market that’s been hit hard by a silicon “chip shortage.” Everywhere that is, except Tesla, where a more flexible, software-focused approach and sturdier grip on its critical parts supplies have allowed the company to nearly double its deliveries from the year before. Over in China, Geely and Foxconn have taken notice.

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Foxconn may (or may not) produce EVs at its Wisconsin facility

Foxconn Wisconsin

Taiwanese electronics manufacturer Foxconn recently revealed it is considering its Wisconsin facility to produce its first electric vehicle. The international electronics juggernaut is strategizing for contract manufacturing of electric vehicles in North America. The company’s president recently told the media that Foxconn is debating between its Wisconsin facility or one of its plants in Mexico to produce EVs for clients.

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