Foxconn to Purchase the Ohio Lordstown Motors Plant, Could Help Build Endurance Electric Pickup
【Summary】At the same time Lordstown Motors announced the deal, the company stated that the launch of its Endurance pickup truck will be delayed until the third quarter of 2022.
Lordstown Motors was supposed to start production of its Endurance pickup truck this September. That didn't happen. And from the sound of things, we're not sure if production of the truck will ever happen. Lordstown Motors and Foxconn have entered into an agreement that will see Foxconn purchase Lordstown Motors' massive facility. Additionally, the two companies will enter into a strategic partnership. The deal to sell the plant will be finalized by April 30, 2022.
What Foxconn Gets
As a recap, the current facility that Lordstown Motors has been using to work on the Endurance is the former GM Lordstown Complex. The facility is located in Lordstown, near Youngstown, Ohio. General Motors stopped manufacturing vehicles at the facility on March 6, 2019 and sold the plant to Lordstown Motors for $20 million. The location houses three facilities, which include a metal center, vehicle assembly, and a paint shop. When the plant was running at full capacity, it was producing approximately 400,000 cars annually.
Since purchasing the Lordstown Complex, Lordstown Motors has used the facility to develop the Endurance pickup truck. Last we heard, the Endurance has a claimed 250 miles of range, 600 horsepower, and a towing capacity of up to 6,000 pounds. The pickup truck was rumored to start at $52,500. Lordstown made quite a lot of statements about how the Endurance would be the first electric pickup truck to enter the segment, but is well behind the Rivian R1T and Ford F-150 Lightning.
Lordstown Motors has not had an easy two years. The startup earned praise from the Trump administration and raised hundreds of millions of dollars when it went public, but went on to face fraud allegations and is involved in two government investigations. So, the deal with Foxconn is probably to save Lordstown and whatever is left of the Endurance.
Will The Endurance Be Built?
Going forward, we're interested to hear what Foxconn and Lordstown Motors have in store for their partnership. Foxconn has plans to make electric vehicles and components for electrified vehicles. The company could use the Lordstown facility as its main headquarter in the U.S. Foxconn could also help Lordstown Motors, which is in serious trouble, finish the Endurance.
"The Foxconn partnership will unlock the tremendous potential of the Lordstown plant by getting it to scale faster. At 6.2 million square feet, and 640 acres, the Lordstown Complex was one of the largest internal combustion engine automotive plants in North America. It is now being converted into a state-of-the-art EV manufacturing facility. Foxconn has an excellent opportunity to fill the plant, having already announced that the Fisker PEAR program is intended to be manufactured in Lordstown," said Foxconn.
Reports indicate that Foxconn will pay Lordstown $230 million for the entire facility and most of the equipment inside of it. The only things that are not included with the deal include Lordstown Motors' hub motors assembly, battery modules, and battery pack assemblies.
Vineeth Joel Patel
Joel Patel has been covering all aspects of the automotive industry for four years as an editor and freelance writer for various websites. When it comes to cars, he enjoys covering the merger between technology and cars. In his spare time, Joel likes to watch baseball, work on his car, and try new foods
Electric Truck Startup Bollinger Motors Partners With Roush on Commercial Platforms For EVs
BMW Looking to Launch a New Modular EV Platform by 2025
Volkswagen to Revive Scout Name With Fully-Electric Off-Roaders
Microsoft Partners With Volkswagen To Test Its HoloLens 2 AR Headsets
Supply of 2022 Audi, Porsche, Volkswagen EVs Sold Out
GM’s Plan to Sell More EVs Than Tesla Hinges on Offering More Affordable Electric Models
General Motors Has Already Replaced the Batteries in 62% of 2017-2019 Bolt EVs as Part of Recall, NHTSA Report Shows
2023 Subaru Solterra Priced Higher Than Toyota bZ4X
- BMW Looking to Launch a New Modular EV Platform by 2025
- Toyota’s Woven Planet is Now ‘Training’ its Self-Driving Development Vehicles Using Data From Low-Cost Cameras, an Approach Used by Tesla
- Mercedes-Benz Adds 2 New AMG Models to its EV Lineup, the EQE 43 4MATIC and EQE 53 4MATIC+
- Short-Term Car Rental Startup Kyte to Offer the Tesla Model 3 as a Monthly Subscription
- Lucid Group Announces its Q4 & Fiscal Year 2021 Results, Reports Revenue of $26.4 Million
- Electric Truck Maker Rivian Hires Magna International Executive as Chief Operating Officer, Will Help to Fix its Production Problems
- The Ford F-150 Lightning Towed a 10,000 Pound Trailer Across Two of America's Toughest Towing Routes
- Nissan Planning $500 Million Investment for Two New EVs
- The State-of-the Art Meridian Audio System in the Kia EV6 Transforms the Cabin into an Immersive, Interactive Digital Space
- GM is Making an Additional $3.4 Billion Investment in Autonomous Driving Technology Developer Cruise, Will Acquires Softbank’s Stake in the Company