Foxconn to invest up to $170 million in Lordstown Motors to develop a new EV
Foxconn Ventures has agreed to invest up to $170 million in Lordstown Motors in exchange for all of Lordstown’s outstanding preferred stock and 18.3% of its common stock.
Lordstown will use the proceeds to fund the development of a new EV program in collaboration with Foxconn, dubbed the “EV Program.” (Let’s hope they come up with a little more inspiring name for the first model.)
Foxconn will be granted the right to participate in future equity offerings by Lordstown Motors.
“Our board of directors and management team strongly believe that deep collaboration with the Foxconn EV ecosystem, including the Mobility-in-Harmony (MIH) open-source platform, offers tremendous opportunities to meet our mutual ambition to accelerate EV adoption globally,” said Daniel Ninivaggi, Executive Chairman of Lordstown Motors.
Source: Lordstown Motors