Lordstown Motors Stock Surged 20% in Premarket Trading

Tiger Newspress2022-05-12

Lordstown Motors Stock Surged 20% in Premarket Trading. Lordstown Motors Corp said it has completed a deal to sell certain assets to Taiwanese contract manufacturer Foxconn.

The struggling EV maker last year entered the agreement with Foxconn for the sale of its Ohio facility for $230 million, excluding certain assets such as the hub motor assembly and battery pack lines.

On Wednesday, Lordstown said the deal close results in $260 million of proceeds to the company, including the reimbursement of certain operating and expansion costs.

The company said on Monday it needed $150 million in addition to the proceeds from the asset purchase deal to put its Endurance electric pickup truck into production.

Under the agreement, the two companies would create a joint venture to make future vehicles, with Lordstown owning a 45% stake and Foxconn owning the rest.

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Comments

Sienta
2022-05-12
Sienta
Great news👍👍
Gcwj
2022-05-12
Gcwj
Great ariticle, would you like to share it?
Gcwj
2022-05-12
Gcwj
Wow
TeslaLegend
2022-05-12
TeslaLegend
Nice
grelef
2022-05-12
grelef
ok

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