Foxconn is investing another $70 million in Ohio’s Lordstown Motors to pursue revamped ‘EV program’

Global tech company Foxconn has announced it will invest at least another $70 million and up to $170 million total in EV startup Lordstown Motors. Foxconn’s $70M investment in Common Stock shares of Lordstown will help the company with its corporate strategy, while the two parties are shifting their previously announced $100 million joint venture into a Preferred Stock investment that will fund a “new EV program” run within Lordstown Motors instead.

Lordstown Motors Corp. ($RIDE) is an EV startup with a short but colorful history. The company swung for the fences early, as it hyped up its first vehicle – the Endurance pickup truck. With over 100,000 reported reservations in place, there was a lot to be initially excited about.

However, the Lordstown hype train began to slow down after one of the Endurance prototypes caught fire in early 2021, quickly followed by a less-than-stellar performance at the San Felipe 250, due to incorrect estimates of the pickup’s energy consumption.