Lordstown Motors, the troubled electric pickup truck company that bought a shuttered General Motors factory in Ohio, filed for bankruptcy protection on Tuesday.
Foxconn said Lordstown had breached their investment agreement because its stock had fallen below $1 a share.
Lordstown said on Tuesday it had filed a lawsuit asserting that Foxconn failed to honor its agreement to invest more money into the company.
Lordstown was founded in 2018 by Steve Burns, the former chief executive of another electric vehicle company called Workhorse Group.
plant in Lordstown, Ohio, that had produced the Chevrolet Cruze sedan.
Persons:
Donald J, Foxconn, Lordstown, Steve Burns, Trump
Organizations:
Motors, General Motors, Trump, Chevrolet, Twitter
Locations:
Ohio, Taiwan, Lordstown , Ohio