Taiwan's Foxconn has deal to buy former GM plant in Ohio
ABC News
Foxconn Technology Group has struck a deal to buy a massive auto assembly plant in Ohio from a startup electric truck maker
Foxconn Technology Group, the world’s largest electronics maker, has a deal to buy a huge auto assembly plant in Ohio from startup electric truck maker Lordstown Motors, the companies announced Thursday.
The agreement stands to give Taiwan-based Foxconn, best known for making Apple iPhones, an entry into the growing electric vehicle market, a move it has been looking at for months.
It also brings much-needed funding to struggling Lordstown Motors, which has been under increasing scrutiny over its lack of orders and said last month that it couldn’t guarantee that it will last through the year.
The two companies announced a nonbinding agreement to negotiate a deal under which Lordstown would sell the former General Motors plant in Ohio near Youngstown, excluding some assets, for $230 million.
