Lordstown Motors shares plummet 30% after Foxconn threat


Lordstown Motors Corp. RIDE shares fell 29% Monday after the EV maker said in a filing that Taiwanese electronics contract maker Foxconn wants to end their deal and warned that without that it will be “deprived of critical funding necessary for its operations.” Lordstown and Foxconn, also known as Hon Hai Technology Group, announced the deal in 2021 and in May 2022 Foxconn bought Lordstown’s factory. The two parties also have an investment agreement.

This article was originally published by Marketwatch.com. Read the original article here.

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