Lordstown Motors and Foxconn close asset purchase agreement and enter into JV agreement for MIH based EV development

12 May 2022, 08:32:53

Lordstown Motors and Foxconn close asset purchase agreement and enter into JV agreement for MIH based EV developmentLordstown Motors announced that it has closed the sale of its Lordstown facility and signed a contract manufacturing agreement and joint venture agreement for product development with affiliates of Hon Hai Technology Group (Foxconn).

As previously disclosed, on November 10, 2021, Lordstown Motors and Foxconn entered into an Asset Purchase Agreement ("APA") providing for the sale of LMC's Lordstown, Ohio vehicle assembly plant to Foxconn for $230 million plus the reimbursement of certain operating and expansion costs from September 1, 2021 to the closing date. The transaction was subject to several conditions, including that the parties enter into a contract manufacturing agreement for LMC's flagship vehicle, the Endurance, a full-size, all-electric pickup truck.

On May 11, the transactions under the APA were completed. Total proceeds to LMC were $230 million, plus the reimbursement of approximately $27 million in operating and expansion costs. In addition, Foxconn had previously purchased $50 million of LMC Class A common stock directly from the company. Concurrently with the closing, Foxconn and Lordstown Motors entered into a manufacturing supply agreement for the Endurance. Start of commercial production of the Endurance is targeted for the third quarter of this year, with the first commercial deliveries expected in fourth quarter. Foxconn will assume manufacturing operations at the Lordstown plant immediately with no interruption. Approximately 400 skilled and talented LMC employees will transition to employment with Foxconn. LMC will retain a presence in Lordstown, Ohio along with engineering and technical centers, as well as corporate staff, in Farmington Hills, Mich. and Irvine, Calif.

In connection with the closing of the APA, Foxconn and LMC also entered into a joint venture agreement to co-develop EV programs using Foxconn's Mobility-in-Harmony (MIH) open-source EV platform. The new joint venture will be called MIH EV Design LLC and will be 55% owned by Foxconn and 45% by LMC. Foxconn is committing $100 million towards the new joint venture, including a loan to Lordstown for $45 million to support its initial capital commitment. The joint venture creates an innovative business model whereby LMC and Foxconn would jointly develop new electric vehicles, utilizing the MIH platform, for LMC in the North American commercial vehicle market and for other OEMs internationally.

Vehicles developed by MIH EV Design would be built for North America at the Lordstown, Ohio plant, and at other Foxconn contract-manufacturing locations around the world. The objective is for OEM users of Foxconn's flexible MIH platform, manufacturing footprint, and supply chain to achieve production scale at lower volumes and with a shorter time to market. The joint venture also leverages Lordstown Motors' strong engineering and product development capabilities globally and provides LMC a scalable vehicle development platform in North America, accelerating EV development, reducing product development costs, and increasing the breadth of LMC's product portfolio over time.

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EV Specifications

Complete specifications of EVs, grouped according to their brand and year

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Specifications of some of the most interesting and anticipated EVs.

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Length: 192.9 in / 4900 mm
Height: 63.5 in / 1614 mm
Curb weight: 5696.74 lb / 2584 kg
Location: Rear
Location: Front
Battery: 111 kWh, Voltage: 400 V

2022 Audi e-tron S Sportback quattro

2022 Audi e-tron S Sportback quattro

Doors: 5, Seats: 5
Length: 193.0 in / 4902 mm
Height: 63.6 in / 1615 mm
Curb weight: 5941.46 lb / 2695 kg
Location: Rear
Location: Front
Battery: 95 kWh, Voltage: 396 V

2022 Audi e-tron S quattro

2022 Audi e-tron S quattro

Doors: 5, Seats: 5
Length: 193.0 in / 4902 mm
Height: 64.1 in / 1629 mm
Curb weight: 5941.46 lb / 2695 kg
Location: Rear
Location: Front
Battery: 95 kWh, Voltage: 396 V

2021 Audi e-tron S Sportback quattro

2021 Audi e-tron S Sportback quattro

Doors: 5, Seats: 5
Length: 193.0 in / 4902 mm
Height: 63.6 in / 1615 mm
Curb weight: 5941.46 lb / 2695 kg
Location: Rear
Location: Front
Battery: 95 kWh, Voltage: 396 V

2021 Audi e-tron S quattro

2021 Audi e-tron S quattro

Doors: 5, Seats: 5
Length: 193.0 in / 4902 mm
Height: 64.1 in / 1629 mm
Curb weight: 5941.46 lb / 2695 kg
Location: Rear
Location: Front
Battery: 95 kWh, Voltage: 396 V

2022 Audi Q4 Sportback e-tron 50 quattro

2022 Audi Q4 Sportback e-tron 50 quattro Vorsprung

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Length: 180.6 in / 4588 mm
Height: 63.5 in / 1614 mm
Curb weight: 4717.89 lb / 2140 kg
Electric motor #1: 150 kW, 310 Nm, Location: Rear
Electric motor #2: 70 kW, 150 Nm, Location: Front
Battery: 82 kWh, Voltage: 400 V

2022 Audi Q4 Sportback e-tron 50 quattro

2022 Audi Q4 Sportback e-tron 50 quattro Edition 1

Doors: 5, Seats: 5
Length: 180.6 in / 4588 mm
Height: 63.5 in / 1614 mm
Curb weight: 4717.89 lb / 2140 kg
Electric motor #1: 150 kW, 310 Nm, Location: Rear
Electric motor #2: 70 kW, 150 Nm, Location: Front
Battery: 82 kWh, Voltage: 400 V

2022 Audi Q4 Sportback e-tron 50 quattro

2022 Audi Q4 Sportback e-tron 50 quattro S Line

Doors: 5, Seats: 5
Length: 180.6 in / 4588 mm
Height: 63.5 in / 1614 mm
Curb weight: 4717.89 lb / 2140 kg
Electric motor #1: 150 kW, 310 Nm, Location: Rear
Electric motor #2: 70 kW, 150 Nm, Location: Front
Battery: 82 kWh, Voltage: 400 V

2022 Ford F-150 Lightning

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Electric motor #2: 239 kW, 290 Nm, Location: Front
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2022 Mercedes-Benz EQS

2022 Mercedes-Benz EQS 580 4MATIC

Doors: 5, Seats: 5
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2022 Mercedes-Benz EQS

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2022 Genesis GV60

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Electric motor #2: 160 kW, 350 Nm, Location: Front
Battery: 77.4 kWh, Voltage: 800 V

2022 KIA EV6

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2022 KIA EV6

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Curb weight: 4530.5 lb / 2055 kg
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Electric motor #2: 74 kW @ 4500 - 7700 rpm, 255 Nm @ 4500 - 7700 rpm, Location: Front
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2022 KIA EV6

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Curb weight: 4497.43 lb / 2040 kg
Electric motor #1: 165 kW @ 4500 - 7700 rpm, 350 Nm @ 4500 - 7700 rpm, Location: Rear
Electric motor #2: 74 kW @ 4500 - 7700 rpm, 255 Nm @ 4500 - 7700 rpm, Location: Front
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2022 BMW iX xDrive50

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Electric motor #2: 200 kW, 352 Nm, Location: Front
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