Screenshot from video by Retiring Guy
Headline: Transport Topics: 5/26/2023
When Foxconn agreed in November to invest as much as $170 million in Lordstown Motors, the deal looked like a much-needed financial lifeline for the fledgling electric vehicle maker.
Fast-forward six months, and a dispute between the two partners threatens to sink the U.S. startup.
The iPhone maker hasn’t yet made good on its pledge to acquire enough Lordstown shares to build an 18.3% stake in the company. So far, the Taiwanese manufacturer has bought just under $53 million in common and preferred stock, and its ownership remains at 8.4%. Consummating the deal would nail down a key joint operating agreement Lordstown needs to build its next EV.
Instead, Lordstown early this month said it may be forced to cease operations and file for bankruptcy after Foxconn told the startup it’s prepared to pull out of the production partnership.
Other Foxconn posts:
2023
2022
2021
GET ME REWRITE: Yes, Foxconn's $100 milion pledge to UW-Madison was nothing more than a cynical election ploy by Scott Walker. (8/11)
The mysteries of Foxconn (season 2). (5/12)
The collapse of Donald Trump's '8th Wonder of the World'. (4/20)
2020
Apparently, that's not what Scott Walker heard. (12/19)
Just wondering what else in this Foxconn op-ed is off the mark. (11/17)
GET ME REWRITE: Two gullible guys from Racine County still believe anything Foxconn tells them. (10/23)
Just wondering what else in this Foxconn op-ed is off the mark. (11/17)
GET ME REWRITE: Two gullible guys from Racine County still believe anything Foxconn tells them. (10/23)
Keeping tabs on Foxconn Place in
Eau ClaireGreen Bay
Madison
Milwau
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