Foxconn and U.S. EV carmakers reached a $280 million plant sale agreement

Lordstown Motors Corp. Agreed to reach a cooperation agreement worth 280 million US dollars with Foxconn Technology Group, the former will sell its former General Motors plant in Ohio, USA in exchange for cash and equity investment.

According to the terms of the transaction, Lordstown Motors will sell to Foxconn the factory it bought from General Motors for US$20 million two years ago at a price of approximately US$230 million. At the same time, Foxconn will also purchase shares of Lordstown worth US$50 million and plans to assemble Endurance electric pickup trucks for the latter.