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[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - U.S. electric truck manufacturer Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn (2354.TW). Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised and misled the EV maker about collaborating on vehicle development plans. Lordstown accused Foxconn in that regulatory filing of engaging in a "pattern of bad faith" that caused "material and irreparable harm" to the company. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Taiwan's Foxconn, Thomas Hayes, Tesla, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk's Tesla, Mike Spector, Joseph White, Dietrich Knauth, Ben Blanchard, Sarah Wu, Chavi Mehta, Nick Zieminski, Dhanya Ann Thoppil, David Evans Organizations: REUTERS, Lordstown Motors, Foxconn, Hai Precision Industry, General, Reuters, Endurance, EV, Biden, Detroit, GM, Lordstown, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit, Taipei, Bengaluru

☆ Lordstown Motors files for bankruptcy and sues Taiwan's Foxconn
▼ + stars: | 2023-06-27 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

CNN —Lordstown Motors filed for bankruptcy protection Tuesday, put itself up for sale, and announced a lawsuit against Foxconn, accusing its biggest shareholder and former partner of setting out to “destroy” its business. Officially called Hon Hai Technology Group, Foxconn is best known for making iPhones for Apple (AAPL), but has recently made moves toward building electric vehicles. In 2021, it purchased an Ohio factory that Lordstown Motors had itself bought from General Motors in 2019. Lordstown Motors headquarters seen in Lordstown, Ohio in 2021. As of December, Lordstown Motors had just a fraction of that headcount, with 260 full-time employees, according to its latest annual report.

Persons: CNN —, Foxconn, Edward Hightower, Lordstown, ” Foxconn, ”, “ Foxconn, Lordstown’s, Dustin Franz, It’s Organizations: CNN, CNN — Lordstown Motors, Foxconn, Hai Technology, Apple, Lordstown Motors, General Motors, Bloomberg, Getty, GM Locations: Delaware, Taipei, Ohio, Lordstown , Ohio, California, North America

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn. Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised, and misled the EV maker about collaborating on vehicle development plans. Even in May, Lordstown warned it might be forced to file for bankruptcy amid uncertainty over the Foxconn investment. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk’s Tesla, ” Lordstown, Mike Spector, Joseph White, Dietrich Knauth, Nick Zieminski Organizations: REUTERS, Lordstown Motors, U.S, Foxconn, Hai Precision Industry, General, Lordstown, Reuters, Endurance, EV, Biden, Detroit, GM, DiamondPeak Holdings, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Taiwan, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit

☆ Lordstown Motors says it still has $220 million in cash as it grapples with production issues and an EV pivot
▼ + stars: | 2023-03-06 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Lordstown Motors said Monday that it still had over $220 million in cash at the end of 2022, despite ongoing challenges that halted production of its Endurance electric pickup after just six were delivered. Lordstown began deliveries of its first EV, the Endurance pickup truck, in November. Through the end of February, it had built about 40 trucks and delivered six to customers. As of Dec. 31, Lordstown had $221.7 million in cash and short-term investments on hand. Lordstown delivered three Endurance pickups to customers during the fourth quarter.

☆ Lordstown halts production, shipments of Endurance electric trucks to address quality issues
▼ + stars: | 2023-02-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Lordstown Motors gave rides in prototypes of its upcoming electric Endurance pickup truck on June 21, 2021 as part of its "Lordstown Week" event. Lordstown Motors said Thursday it will suspend production and deliveries of its all-electric Endurance pickup to address performance and quality issues with certain components. Lordstown said it is working with suppliers to implement a solution that the company believes will address the issue. The company declined to forecast how long production will be idled at the Ohio plant, which Lordstown purchased from General Motors in 2019. The recall and production problems add to a long list of issues at Lordstown since the company went public nearly 2½ years ago.

☆ Foxconn ramps up EV push with stake in U.S. truck maker Lordstown
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Carlos Garcia Rawlins/File PhotoNov 8 (Reuters) - Foxconn, the world's biggest contract electronics maker, has extended its drive into electric vehicle (EV) business with a deal to take a near-20% stake in loss-making U.S. electric truck maker Lordstown Motors Corp (RIDE.O) for up to $170 million. It said on Tuesday the latest deal would deepen Lordstown's ties with Foxconn's EV development platform MIH, or Mobility in Harmony. Lordstown Chief Executive Officer Edward Hightower, speaking via video at an MIH event in Taipei, said the truck maker and Foxconn were eyeing production for other original equipment manufacturers, or OEMs, as well. Foxconn shares traded up 0.5% on Tuesday. Lordstown CEO Hightower said the vehicle maker aims to deliver the first Endurance trucks to customers in the current quarter.

☆ Lordstown aims to boost EV production with Foxconn investment, seeks new automaker partner
▼ + stars: | 2022-11-08 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Lordstown said in late September that it hoped to build 50 trucks by year-end. Once those investments are completed, Foxconn will own about 18% of Lordstown and will have the right to designate two members of its board of directors. Lordstown said it will use part of that investment to develop a new vehicle together with Foxconn. The investment helps address a lack of capital that has hindered Lordstown's efforts to get the Endurance into production. Lordstown said on Tuesday that it is actively seeking an automaker partner to help scale up production of the Endurance.

☆ Lordstown Motors begins production of its Endurance electric pickup truck
▼ + stars: | 2022-09-29 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Lordstown Motors gave rides in prototypes of its upcoming electric Endurance pickup truck on June 21, 2021 as part of its "Lordstown Week" event. Lordstown Motors said that it has begun commercial production of the Endurance, an electric pickup truck designed for commercial-fleet use. "We will continue to build at a slow rate as we address remaining part pedigree and part availability issues," he said. "We expect to increase the speed of production into November and December." Lordstown hopes to increase its rate of production substantially in 2023.

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