Lordstown Motors Corp. announced today it is embarking on a strategic restructuring process. The initiative is intended to augment the value of its assets, notably the Endurance EV pickup truck, along with the intellectual property and human capital that engineered it. In other words, Lordstown has filed for bankruptcy because making electric cars is no […]
Shares of electric vehicle (EV) startup Lordstown Motors fell by 25% in early trading after the company disclosed on Monday that its funding deal with Foxconn is in jeopardy, potentially leading to bankruptcy if the deal falls through. Foxconn is famously known as a manufacture of Apple’s products such as its iPhone and iPads. In […]
The world’s largest electronics contract manufacturer, Foxconn, has announced another huge capital investment into Lordstown Motors as it prepares to build electric vehicles (EVs) in Ohio. Foxconn is set to invest $170 million into Lordstown Motors, purchasing a combination of common stock and new preferred shares, according to a joint statement from the two companies […]
After purchasing an Ohio factory from General Motors (GM), Lordstown Motors saw its two top executives leave earlier this summer, with new plans unveiled to sell the factory entirely – but not without forging a partnership first. Lordstown Motors has agreed to a $280 million USD partnership deal that has the company selling its Ohio […]
Lordstown Motors has lost two top executives at its Lordstown, Ohio factory, purchased in 2019 from General Motors (GM), ahead of plans to produce the electric pickup truck, Endurance, in the fall. On Monday, shares of Lordstown Motors fell 15%, following announcements that CEO Steve Burns and CFO Julio Rodriguez resigned, according to Business Insider. […]
Electric cars, trucks, vans, and buses have become a reality in the United States, but not every region has made it easy. Rivaling electric vehicle (EV) companies Rivian, Tesla, and Lucid, among others like Lordstown Motors, have teamed up in an infant EV market against direct sales laws throughout the US, as reported by TechCrunch. […]
