Lordstown Motors Files Bankruptcy, Sues Foxconn usnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usnews.com Daily Mail and Mail on Sunday newspapers.
Lordstown Motors files bankruptcy, sues Foxconn By Reuters investing.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investing.com Daily Mail and Mail on Sunday newspapers.
The US electric truck manufacturer has filed for bankruptcy protection and put itself up for sale after it failed to resolve a dispute over a promised investment from Taiwan company Foxconn.
Foxconn previously invested about $52.7 million in Lordstown as part of the agreement, and currently holds a roughly 8.4% ownership stake in the EV maker. Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised, and misled the EV maker about collaborating on vehicle development plans.
The twin filings of the bankruptcy and lawsuit set up an international business clash that could intensify scrutiny of Foxconn's EV ambitions and partnerships.