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Lordstown Motors, an EV startup under SEC investigation for an alleged 100,000 in fake preorders, reportedly sold its Ohio plant to Taiwan-based Foxconn

October 1, 2021
Source: techstartups.com techstartups.com
News Snapshot:
Foxconn Technology Group (Foxconn), a Taiwan-based company and the world’s largest electronics manufacturer, is nearing a deal to buy the electric truck startup Lordstown Motors’ Ohio plant, according to a report from Bloomberg, citing people familiar with the matter. The total value of the transaction was not disclosed. The people, who asked not to be named as the plan isn’t yet public, told Bloomberg that the deal could be announced as early as next Thursday. The company has been running low on cash for about a year now. Its shares jumped as much as 8% to $7.98 after the news....
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Tags: Bloomberg | car | cash | CEO | CFO | commission | delivery | Donald Trump | electric car | electric vehicle | energy | EV | executive | fake | Foxconn | fraud | Gadgets & Electronics | IT | manufacturer | news | revenue | SPAC | Taiwan | technology | Texas

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