Investing
Foxconn finalizes $50 million stock deal with Lordstown Motors
Published by maria gbaf
Posted on November 11, 2021
2 min readLast updated: January 28, 2026
Global Banking & Finance Review®
Company
Published by maria gbaf
Posted on November 11, 2021
2 min readLast updated: January 28, 2026
Foxconn finalizes a $50 million stock purchase from Lordstown Motors, strengthening their collaboration in electric vehicle production.
(Reuters) – Lordstown Motors Corp said on Wednesday that Taiwan’s Foxconn has bought stock worth $50 million from the U.S. electric vehicle maker, finalizing an equity investment announced in September.
Foxconn acquired the shares at $6.8983 apiece, Lordstown said. The stock, which had closed at $5.56 in regular trading, rose about 10% to $6.11 after the bell.
In September, Foxconn said it would buy an Ohio plant assembly plant owned by Lordstown for $230 million and take over production of the U.S. company’s Endurance full-size pickup truck.
Foxconn – the world’s largest contract electronics maker best known for assembling Apple’s iPhone – agreed to make a down payment of $100 million by Nov. 18.
“The partnership with Foxconn should enable Lordstown Motors to significantly reduce its raw material, component and other input costs,” the company said.
The deal is expected to close by April 30, Lordstown said.
Earlier in the day, Lordstown said long-time automotive industry executive Edward Hightower would take over as president.
Lordstown’s shares have lost more than 70% of their value this year. The company is scheduled to report third-quarter results on Thursday.
(Reporting by Sanjana Shivdas in Bengaluru; Editing by Sriraj Kalluvila)
The article discusses Foxconn's $50 million stock investment in Lordstown Motors and their strategic partnership.
Foxconn purchased $50 million in stock and plans to buy Lordstown's Ohio plant for $230 million.
Following the deal, Lordstown's stock rose about 10% after hours.
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