Lordstown Motors on Wednesday announced the termination of its former GM factory sale to Hon Hai Technology Group অন্য otherwise known as Foxconn, the iPhone’s contract maker.
This makes Foxconn an automaker and enables several potential EV-making activities at the Lordstown, Ohio site.
One of them is the assembly of Lordstown Endurance Electric Pickup, which Foxconn will oversee as a contract maker “without interruption in operation,” according to a release from Lordstown. The companies plan to start production of electric trucks in the third quarter of 2022, with the first commercial supply in the fourth quarter.
Foxconn will invest 100 million in a joint venture that will work with Lordstown Motors and engineer vehicles based on Foxconn’s MiH (compatibility mobility) platform. The joint venture is 55% owned by Foxconn and 45% by Lordstown, which will be called MIH EV Design LLC and will “create electric vehicles for the global market.”
The joint venture may be the missing part which allows Lordstown to be effective even after the commencement of endurance production.
Specifically, the companies said they would be for the North American commercial vehicle market and other OEMs internationally, and that the joint venture would be aimed at “achieving low volume and short-term production scale in the market.”
The deal, otherwise set to expire in November 2021, includes আয় 260 million in revenue for Lordstown Motors and a previous $ 50 million general stock purchase. Lordstown said it would maintain a presence in Lordstown, plus staff from Farmington, Michigan and Irvine, California.
Henrik Fischer with Project Peer EV
Arrangements still say nothing about another potentially important part of the deal. Foxconn has proposed to assemble a $ 30,000 Fischer Pier Urban EV at the Lordstown plant. Foxconn is now leading the plant, which could enable an electric pickup, an urban EV, commercial vehicles and more – all built in a place that was abandoned by GM before its electric vehicle collided.