Lordstown Motors is close to a deal to sell its production plant to Taiwanese electronics manufacturer Foxconn, according to multiple reports.
If it goes through, the deal would provide a much needed financial boost for the electric carmaker.
If you don’t know Foxconn by name, you likely know the company’s work as an assembler of Apple’s iPhone.
“You know they are a very big company. They have a proven track record, and they do have the wherewithal to make this project succeed,” Lordstown Mayor Arno Hill said.
The deal would keep Lordstown Motors production in the building and give the company a much needed financial infusion.
Hill said the deal is what the area’s fledgling tech hub has been waiting for.
“Because everybody says, ‘Hey, do they have enough funding to pull this off? Do they have enough funding to get us through the end of the month, through the end of the year?’ This takes probably the biggest concern off the checklist,” Hill said.
Lordstown Motors only uses part of the plant’s 6 million square feet to make the Endurance electric pickup.
That leaves much of the space open for potential Foxconn assembly lines.
Bloomberg reports Foxconn is looking into producing its own electric vehicle platform.
