Apple supplier Foxconn buys Ohio EV factory for $230 million
Apple’s largest manufacturing partner Foxconn is moving ahead with a plan to acquire a Lordstown Motors vehicle assembly plant in Ohio for $230 million, the companies have announced.
The cash-strapped electric vehicle start-up will find some relief from the capital infusion, while the partnership gives Foxconn a jump start on producing fully electric trucks. Shares of Lordstown rose more than 13 per cent hours after the news broke, reports CNBC.
According to a statement from the companies, Foxconn acquired $50 million of common stock directly from Lordstown Motors at a price of about $6.90 per share after signing the agreement in September.
