Foxconn (Hon Hai) buys Lordstown Motors' assembly plant in Ohio
1 October 2021, 09:00:23

Beyond certain customary provisions, the Agreement is non-binding and subject to the negotiation and execution of definitive agreements. The parties on the same date have entered into a subscription agreement, under which Foxconn will purchase approximately $50 million of Lordstown Motors' common stock directly from Lordstown Motors at a price of $6.8983 per share, the average daily volume adjusted price over the past 15 trading days prior to the execution of the Agreement in Principle. Foxconn has agreed to retain these shares for a specified period.
The agreement between both companies would allow Lordstown Motors to leverage the technology and manufacturing expertise of Foxconn, as Lordstown Motors pursues the production of electric vehicles at its Ohio facility. The goal of the partnership is to present both Lordstown Motors and Foxconn with increased market opportunities in scalable electric vehicle production in North America.
The Agreement provides as follows:
- Lordstown Motors and Foxconn will use commercially reasonable best efforts to negotiate a definitive agreement pursuant to which Foxconn would purchase the Lordstown facility, excluding Lordstown Motors’ hub motor assembly line, battery module and packing line assets, certain intellectual property rights and other excluded assets, for $230 million.
- Both entities would also negotiate a contract manufacturing agreement, which would be a condition to closing of the facility purchase, whereby Foxconn would manufacture Lordstown Motors’ Endurance full-size pickup truck at its Lordstown facility. Lordstown Motors would also agree to provide Foxconn with certain rights with respect to future vehicle programs.
- Concurrently with the closing under the definitive agreements, Lordstown Motors would issue warrants to Foxconn that are exercisable until the third anniversary of the closing for 1.7 million shares of common stock at an exercise price of $10.50 per share.
- The parties have agreed to explore licensing arrangements for additional pickup truck programs.
- Following the closing under the definitive agreements, Lordstown Motors would enter into a long-term lease for a portion of the existing facility for its Ohio-based employees, and Foxconn would offer employment to agreed upon Lordstown operational and manufacturing employees.
Related news
News related to Foxconn or Lordstown
Lordstown 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...
12 May 2022
Fisker confirmed that it will produce its second vehicle, the Fisker PEAR, at a factory Foxconn (Hon Hai Precision Industry Co. Ltd.) acquired in Ohio. The Fisker PEAR will enter production in 2024. Both the Fisker and Foxconn teams are fully engaged and expect to build a minimum of 250,000 Fisker PEAR units a year at the plant after a ramp-up period. The Fisker PEAR follows the company’s first vehicle, the Fisker...
12 May 2022
Fisker is now accepting reservations for its second product, the Fisker PEAR, opening the door to the Personal Electric Automotive Revolution. The all-electric Fisker PEAR blends sustainability, technology, and design into a digitally connected, compact, five-passenger urban EV. Featuring intuitive controls, sporty driving, clever storage, and a focus on industry firsts, the Fisker PEAR will start at $29,900 before...
15 February 2022
Stellantis and Foxconn (Hon Hai Technology Group) announced the signing of a non-binding memorandum of understanding to create a partnership with the intent to design a family of purpose-built semiconductors to support Stellantis and third-party customers. This partnership was announced as part of the Stellantis Software Day 2021 event where the Company unveiled STLA Brain, the new electrical/electronic and software...
7 December 2021
Pininfarina is back at the International MotorXpo Hong Kong. Making its official debut at an Auto Show will be the electric Model E sedan designed for Hon Hai Technology Group (Foxconn), on display from 1 to 5 December in the Designer Zone at the AsiaWorld-Expo. The Model E, first step of an important strategic collaboration that will continue for the future between Pininfarina and Hon Hai, is a technologically...
1 December 2021
Hon Hai Technology Group (Foxconn) introduced for the first time, three autonomously developed electric vehicles under the Foxtron brand: the Model C recreational vehicle, the Model E sedan, and the Model T electric bus. The announcement was made during the live-streamed Hon Hai Tech Day 2021 (HHTD21) event, underlining Hon Hai's commitment to becoming a global next-generation automotive manufacturer. The Model C is...
19 October 2021
Foxconn (Hon Hai Precision Industry) together with its subsidiary FIH Mobile and Stellantis announced that they have entered into a joint venture agreement. Mobile Drive, the joint venture entity, will focus on delivering a smart cockpit solution for vehicles that will disrupt current design conventions and foster the development of intelligent connected vehicles. This update comes after a Memorandum of...
24 August 2021
Lordstown Motors demonstrated the capabilities of the Lordstown Endurance at the Northeast Chapter of the American Association of Airport Executives' (NEC/AAAE) Annual Conference this week, hosted by the Burlington Airport in Burlington, VT. The Endurance was the only EV pickup truck at the show. This event was a continuation of Lordstown Motors' ongoing commitment to showcasing the Endurance across the nation...
23 August 2021
Stellantis and Foxconn announced the creation of the Mobile Drive joint venture. The new business entity will combine Stellantis' global expertise in vehicle development and design with Foxconn's global development in the rapidly changing software and hardware areas of smartphones and consumer electronics. This combination puts Mobile Drive at the forefront of the global effort to create new dimensions for...
18 May 2021
Fisker has announced it has signed framework agreements with Foxconn (Hon Hai Technology Group) for the joint development and manufacturing of EVs under the Project PEAR (Personal Electric Automotive Revolution). This project includes the joint work on a new lightweight platform designated FP28. The aim is to introduce breakthrough vehicles priced at under USD 30,000. Production is scheduled to start in the US in Q4...
14 May 2021
Zhejiang Geely Holding Group (Geely Holding) and Foxconn Technology Group (Foxconn) signed a strategic cooperative agreement that will establish a joint venture company to provide OEM production and comprehensive customized consulting services relating to whole vehicles, parts, intelligent drive systems, automotive ecosystem platforms, electric vehicle industry value chain, etc to global automotive enterprises. The...
18 January 2021
Bloomberg reports that Foxconn is allegedly in talks with Byton to invest around $200 million in the troubled China-based EV start-up. This investment should help Byton to start the production of the Byton M-Byte in Q1 of 2022. Foxconn is mainly known as the company that assembles Apple's iPhones. In October, the company introduced its MIH open platform for EVs and even shared plans for a solid-state battery launch...
4 January 2021
A year ago, we reported that Foxconn - the manufacturer of Apple's iPhones - plans to enter the EV market with a focus on software-hardware integration in vehicles. Foxconn seems to be all-ready with its plan as it has introduced its own software and hardware open platform for electric vehicles called MIH. By allowing developers access to key technologies and tools for developing EVs on MIH, Foxconn reduces the...
20 October 2020
Lordstown Motors has unveiled the all-electric Lordstown Endurance pickup truck. However, the presentation was more of a marketing event instead of talking specific details. With 14,000 pre-orders in, the first deliveries are targeted for January 2021. The vehicle will be produced at the Lordstown Complex in Voltage Valley, near Youngstown, Ohio. Earlier, the company has said that the starting price of the electric...
25 June 2020
EV Specifications
Complete specifications of EVs, grouped according to their brand and year
Featured
Specifications of some of the most interesting and anticipated EVs.

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
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
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
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 Vorsprung
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 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 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 PLATINUM Extended Range (710A)
Doors: 4, Seats: 5
Length: 232.7 in / 5911 mm
Location: Rear
Location: Front
Battery: 131 kWh

2022 Ford F-150 Lightning LARIAT Extended Range (511A)
Doors: 4, Seats: 5
Length: 232.7 in / 5911 mm
Location: Rear
Location: Front
Battery: 131 kWh

2022 Mercedes-Benz AMG EQS 53 4MATIC+
Doors: 5, Seats: 5
Length: 205.6 in / 5223 mm
Height: 59.8 in / 1520 mm
Curb weight: 5853.27 lb / 2655 kg
Electric motor #1: 245 kW @ 4500 - 13500 rpm, 565 Nm, Location: Rear
Electric motor #2: 239 kW, 290 Nm, Location: Front
Battery: 107.8 kWh, Voltage: 500 V

2022 Mercedes-Benz EQS 580 4MATIC
Doors: 5, Seats: 5
Length: 205.4 in / 5216 mm
Height: 59.5 in / 1512 mm
Curb weight: 5698.95 lb / 2585 kg
Electric motor #1: 245 kW @ 4500 - 13500 rpm, 565 Nm, Location: Rear
Electric motor #2: 140 kW, 290 Nm, Location: Front
Battery: 107.8 kWh, Voltage: 500 V

2022 Mercedes-Benz EQS 450+
Doors: 5, Seats: 5
Length: 205.4 in / 5216 mm
Height: 59.5 in / 1512 mm
Curb weight: 5467.46 lb / 2480 kg
Electric motor: 245 kW @ 4500 - 13500 rpm, 568 Nm, Location: Rear
Battery: 107.8 kWh, Voltage: 500 V

2022 Genesis GV60 Performance AWD
Doors: 5, Seats: 5
Length: 177.8 in / 4515 mm
Width: 74.4 in / 1890 mm
Height: 62.2 in / 1580 mm
Curb weight: 4761.98 lb / 2160 kg
Electric motor #1: 160 kW, 350 Nm, Location: Rear
Electric motor #2: 160 kW, 350 Nm, Location: Front
Battery: 77.4 kWh, Voltage: 800 V

2022 KIA EV6 Extended Range 4WD GT
Length: 184.8 in / 4695 mm
Height: 61.0 in / 1550 mm
Location: Rear
Location: Front
Battery: 77.4 kWh, Voltage: 697 V

2022 KIA EV6 Extended Range 4WD GT-Line S
Length: 184.8 in / 4695 mm
Height: 61.0 in / 1550 mm
Curb weight: 4530.5 lb / 2055 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
Battery: 77.4 kWh, Voltage: 697 V

2022 KIA EV6 Extended Range 4WD GT-Line
Length: 184.8 in / 4695 mm
Height: 61.0 in / 1550 mm
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
Battery: 77.4 kWh, Voltage: 697 V

2022 BMW iX xDrive50
Doors: 5, Seats: 5
Length: 195.0 in / 4953 mm
Width: 77.4 in / 1967 mm
Height: 66.8 in / 1696 mm
Curb weight: 5379.28 lb / 2440 kg
Electric motor #1: 250 kW, 400 Nm, Location: Rear
Electric motor #2: 200 kW, 352 Nm, Location: Front
Battery: 111.5 kWh, Voltage: 330.3 V

2022 BMW i4 M50
Doors: 5, Seats: 5
Length: 188.3 in / 4783 mm
Width: 72.9 in / 1852 mm
Height: 57.0 in / 1448 mm
Curb weight: 5048.59 lb / 2290 kg
Electric motor #1: 230 kW @ 8000 - 17000 rpm, Location: Rear
Electric motor #2: 190 kW @ 8000 - 17000 rpm, Location: Front
Battery: 83.9 kWh, Voltage: 398.5 V