Lordstown Motors and Foxconn broaden strategic partnership
8 November 2022, 16:29:53

Lordstown Motors will use the proceeds from the sale of the Common Stock for general corporate purposes and the proceeds from the sale of the Preferred Stock to fund development and design activities for a new electric vehicle program in collaboration with Foxconn. The $100 million direct Preferred Stock investment replaces the joint venture funding previously announced by Foxconn and LMC.
Pursuant to the agreements governing the Investment Transactions, at an initial closing expected to be held on or about November 22, 2022, subject to customary conditions, Foxconn will purchase an aggregate of approximately 12.9 million shares of Common Stock at a purchase price of $1.76 per share, resulting in total proceeds of $22.7 million, and 300,000 shares of Preferred Stock at a purchase price of $100 per share, resulting in total proceeds of $30 million. The remaining shares of Preferred Stock will be purchased by Foxconn based on achieving certain EV Program funding milestones to be agreed-upon by the parties. Following receipt of applicable regulatory approvals, including a review by the Committee on Foreign Investment in the United States (“CFIUS”), and subject to other customary conditions, Foxconn will purchase an additional 26.9 million shares of Common Stock at a purchase price of $1.76 per share, resulting in total proceeds of approximately $47.3 million (the “Subsequent Common Closing”). Pursuant to the transaction agreements, Foxconn has also been granted the right to participate in future equity offerings by LMC to prevent dilution of its ownership interest.
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Doors: 4, Seats: 5
Length: 199.2 in / 5060 mm
Width: 74.8 in / 1900 mm
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Curb weight: 5081.66 lb / 2305 kg
Electric motor #1: 250 kW, 430 Nm, Location: Rear
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Length: 199.2 in / 5060 mm
Width: 74.8 in / 1900 mm
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Electric motor: 250 kW, 430 Nm, Location: Rear
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2023 Tesla Model Y Performance AWD
Doors: 4, Seats: 5 / 7
Length: 187.0 in / 4751 mm
Width: 75.6 in / 1921 mm
Height: 63.9 in / 1624 mm
Curb weight: 4398.22 lb / 1995 kg
Electric motor #1: 235 kW @ 5075 rpm, 420 Nm @ 325 - 4800 rpm, Location: Rear
Electric motor #2: 158 kW @ 8275 rpm, 163 Nm @ 125 - 6375 rpm, Location: Front
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Curb weight: 4362.95 lb / 1979 kg
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Length: 184.8 in / 4694 mm
Width: 72.8 in / 1849 mm
Height: 56.8 in / 1443 mm
Curb weight: 4034.46 lb / 1830 kg
Electric motor #1: 208 kW @ 6700 rpm, 330 Nm @ 325 - 5500 rpm, Location: Rear
Electric motor #2: 158 kW @ 8275 rpm, 163 Nm @ 125 - 6375 rpm, Location: Front
Battery: 82.1 kWh, Voltage: 360 V

2022 Tesla Model 3 Performance AWD
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Length: 184.8 in / 4694 mm
Width: 72.8 in / 1849 mm
Height: 56.8 in / 1443 mm
Curb weight: 4047.69 lb / 1836 kg
Electric motor #1: 239 kW, 450 Nm, Location: Rear
Electric motor #2: 158 kW @ 6622 rpm, 240 Nm, Location: Front
Battery: 82.1 kWh, Voltage: 360 V

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Length: 184.8 in / 4694 mm
Width: 72.8 in / 1849 mm
Height: 56.8 in / 1443 mm
Curb weight: 4034.46 lb / 1830 kg
Electric motor #1: 208 kW @ 6700 rpm, 330 Nm @ 325 - 5500 rpm, Location: Rear
Electric motor #2: 158 kW @ 8275 rpm, 163 Nm @ 125 - 6375 rpm, Location: Front
Battery: 82.1 kWh, Voltage: 360 V

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Length: 199.1 in / 5057 mm
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2023 Tesla Model S Plaid
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Length: 198.9 in / 5052 mm
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Curb weight: 5740.84 lb / 2604 kg
Location: Rear
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Battery: 99 kWh, Voltage: 400 V

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Length: 198.9 in / 5052 mm
Width: 78.7 in / 1999 mm
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Length: 196.0 in / 4978 mm
Width: 77.3 in / 1963 mm
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