Lordstown Motors files for bankruptcy, sues Foxconn
· 27.06.2023 · 13:11:11 ··· ··· Tuesday ·· 2 (2)
WKYC Channel 3 Lordstown Motors – the company that moved into the shuttered GM plant in Trumbull County to create its electric Endurance vehicle – announced it has filed for Chapter 11 bankruptcy along with litigation against Foxconn, citing “fraud and willful and consistent failure to live up to its commercial and financial commitments to the company.”
The company also announced "a comprehensive marketing and sale process for the Endurance vehicle and related assets,” adding the company “is confident that a buyer could utilize the Endurance platform to create multiple EV variants and take the product to the next level.”
"Despite our best efforts and earnest commitment to the partnership, Foxconn willfully and repeatedly failed to execute on the agreed-upon strategy, leaving us with Chapter 11 as the only viable option to maximize the value of Lordstown's assets for the benefit of our stakeholders," according to a statement from Edward Hightower, the CEO and President of Lordstown Motors. "We will vigorously pursue our litigation claims against Foxconn accordingly."
Full details: https://www.wkyc.com/article/news/local/northeast-ohio/lordstown-motors-bankruptcy-endurance-vehicle-foxconn/95-69c775dd-2548-4608-a54b-7693fe641d02 --
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