Retiring Guy's Digest: Not making good on a pledge? It's a Foxconn speciality!

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

Foxconn/Lordstown Motors deal. Tick.....tick.....tick..... (5/24)

Slow drip of bad news out of Lordstown continues for Foxconn. (3/19)

2022

Slow drip of bad news out of Lordstown continues. (5/22)

2021

Four years in, Foxconn still hopes to hit a bullseye. (10/1)

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