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Lordstown Motors files for bankruptcy, sues Foxconn
(www.reuters.com)
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this post was submitted on 27 Jun 2023
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Well lordstown was always a niche player. Plus the production capacity is going nowhere, since it is now owned and operated by Foxconn.
Lordstown was always going out of business. They merely bought couple extra years by selling the factory to Foxconn. Foxconn got it at a steal, since Lordstown was indesperate need of money.
Foxconn has no intention to make success out of Lordstown and endurance. They are aiming to be contract maker for hire like MagnaSteyr, Valmet Automotive or VDL nedcar. They aim for big secure contracts with the main brands.