Foxconn to buy Lordstown’s US auto factory for $230 million. After the takeover, Foxconn will own its first factory where it can make electric cars. Foxconn Lordstowns will build electric cars with the factory.
Under an agreement, Lordstown and Foxconn will work towards a definitive agreement whereby Foxconn will buy the Ohio factory. This factory was first used by car manufacturer GM and bought by Lordstown almost two years ago. The latter wanted to build its own electric pick-up truck Endurance with the factory.
Foxconn continues to build the Endurance within the factory, but it is also looking at whether other electric cars can be built in the factory. For example, Foxconn announced in February that it wanted to make a car with car manufacturer Fisker, where Foxconn would build the car and Fisker would design the car. Foxconn may be building that Fisker car at the Ohio plant.
Foxconn is mainly known for making iPhones, but in recent years has the ambition to expand into the manufacture of electric cars. This is seen by the Taiwanese company as a growth market. To be able to build cars, factories in Mexico and Wisconsin were looked at, Bloomberg writes. Last month, Foxconn also announced that it wanted to build a factory in Thailand, where the first cars should be made in 2023, TechCrunch writes. Foxconn has been mentioned in the past as a potential builder of Apple’s first car, something the Taiwanese company has always denied.
Lordstown Endurance