Foxconn, Lordstown Motors to pursue U.S. loan for EV factory

October 1, 2021

WASHINGTON (Reuters) – Global technology firm Foxconn and startup Lordstown Motors Corp said Friday they plan to pursue a U.S. Energy Department loan from a program to help pay for the costs of retooling a factory to build electric trucks.

Foxconn agreed in principle to buy a Lordstown Motors Corp assembly plant for $230 million and take over production of a new pickup truck, the companies said on Thursday. In January, Lordstown said it was in advanced talks with the department for a retooling loan.

(Reporting by David Shepardson)

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