Struggling EV company Lordstown completed the sale of its Ohio factory to Foxconn, the Taiwanese company that assembles Apple’s iPhone. The factory, which sold for $230 million, will now become the site of a joint venture between the two companies.
The deal was originally set to close last month, but Lordstown kept pushing back the deadline. If the sale wasn’t completed before May 18th, the company would have had to pay back the $200 million that Foxconn put down as a deposit — an amount that Lordstown has said it does not have.
The new joint venture will be called MIH EV Design LLC and will be 55 percent owned by Foxconn and 45 percent by...
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