Lordstown Motors has officially inked a deal that should provide a big boost for the struggling EV maker.
International electronics supplier Foxconn has agreed to pay $230 million for the Lordstown plant in Lordstown, Ohio.
The deal for the plant closes in April, but requires Foxconn to make several big payments ahead of time, including a $100 million down payment due this week.
Foxconn will also serve as a contract manufacturer in order to assist Lordstown in producing its Endurance pickup truck.
Further, the two companies have agreed to a joint venture where they plan to design and develop commercial fleet vehicle programs.
Lordstown has struggled publicly after being accused of misleading investors by documenting fictitious orders for its vehicles.
Some experts feel Foxconn’s supply chain and logistics capabilities, along with its software-hardware integration expertise, would make them a strong partner.
