Taiwanese electronics manufacturer Foxconn has begun production of Lordstown Motors’s electric pickup truck.
The news, which Bloomberg grabbed first, is a milestone for both companies: Foxconn as it diversifies from manufacturing consumer electronics like iPhones to electric vehicles, and Lordstown as it finally gets its much-anticipated Endurance truck off production lines and, hopefully, into customers’ hands.
Ever since going public via a special purpose acquisition (SPAC) merger in 2020 — a move that, in hindsight, is spelling doom for most EV SPACs — Lordstown has struggled to get to production. Last summer, the company issued a growing concern warning that it might not have enough funds to bring its EV to market, but was bailed out by an investment firm that agreed to purchase $400 million worth of shares over a three-year period.
The company further shed some weight by selling off its Lordstown, Ohio factory, which it had previously purchased from General Motors, to Foxconn for $230 million. Foxconn agreed to make Lordstown’s EVs for it, but the company wi …
