Taiwanese manufacturer Foxconn is increasing its investment in EV startup Lordstown Motors by buying $170 million in common stock and newly created preferred shares.
Once the deal is complete, Foxconn will hold all of Lordstown’s outstanding preferred stock and 18.3% of its common stock on a pro forma basis. Foxconn will also have the right to two board seats, the companies said Monday.
The additional investment comes a year after the electric light-duty truck manufacturer sold its 6.2-million-square-foot Lordstown, Ohio, factory to Foxconn. As part of that $230 million deal, which included a direct investment of $50 million, Foxconn agreed to help Lordstown Motors manufacture its Endurance pickup truck. Production of the electric pickup truck began in September 2022.
This latest deal, specifically the $100 million direct pref …
