Reports: Lordstown Motors to sell Ohio plant to Taiwan’s Foxconn

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(WJW) – Electric truck startup Lordstown Motors Corp. will announce a deal this week that the Ohio plant will be sold to Taiwan’s Foxconn Technology Group, according to a report from Bloomberg.

Lordstown Motors bought the plant from GM in late 2019.

Foxconn is the world’s largest assembler of iPhones.

Lordstown has been working to get the Endurance pickup ready for production and has utilized a very small portion of the plant.

Under General Motors, the facility was producing 300,000 Chevy Cruz vehicles a year.

GM stopped building the vehicle in March of 2019 and shut the plant down before Lordstown Motors purchased the facility.

Lordstown Motors has been under investigation by the Justice Department and the Securities and Exchange Commission since this summer over claims that founder Steve Burns had overstated future sale orders. Burns was eventually replaced.

Bloomberg reports the sale would help Lordstown Motors raise cash and elevate production at the plant while giving Foxconn its first U.S. automotive manufacturing footprint.

There is no official comment from Lordstown Motors or Foxconn.

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