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The Wall Street Journal
Lordstown Motors Says Foxconn Tries to Back Out of Investment
Foxconn Technology Group, the world’s biggest contract manufacturer for electronics, is trying to back out of its deal to increase its stake in Lordstown Motors , the electric-vehicle startup said. Foxconn agreed in November to spend up to $170 million to buy both common stock and newly created preferred shares in Lordstown in a crucial cash injection for the startup, which was still working to increase production of its debut EV truck, called the Endurance. Lordstown said Monday that Foxconn closed part of the investment agreement in November, buying about $22.7 million of Class A common stock and $30 million of preferred stock.