RIDE - Lordstown Motors jumps after disclosing more details on Foxconn partnership

Lordstown Motors (NASDAQ:RIDE) soars after disclosing that a strategic partnership with Foxconn (OTCPK:HNHAF) will including selling its Lordstown facility to Foxconn for $230M. The sale will exclude certain assets such as the hub motor assembly line and battery module and pack lines. Foxconn has agreed to make a down payment of the purchase price of $100M by November 18, and subsequent down payments of $50M on each of February 1, 2022 and no later than April 15, 2022. The balance of the purchase price will be paid at closing. In addition, RIDE and Foxconn have agreed to pursue a contract manufacturing agreement for the Endurance pickup truck, which must be entered into before the closing date, which is targeted for April 30, 2022. Lordstown Motors and Foxconn will pursue a joint venture agreement to co-design and develop vehicle programs for the global commercial fleet market, using the MIH open platform. Shares of Lordstown

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Lordstown Motors jumps after disclosing more details on Foxconn partnership