RIDE - Lordstown Motors stock soars postmarket after Foxconn deal closes

Lordstown Motors (NASDAQ:RIDE) stock soared 17% postmarket on Wednesday after the EV maker finally closed the sale of its Lordstown facility to Hon Hai Technology (Foxconn). RIDE received total proceeds of $230M, plus reimbursement of ~$27M in operating and expansion costs. Concurrently with the closing, Foxconn and RIDE inked a manufacturing supply deal for the Endurance pickup truck. Commercial production of the truck is targeted for Q3, with the first commercial deliveries expected in Q4. Foxconn will assume manufacturing operations at the Lordstown Ohio plant immediately. Foxconn and RIDE also inked a joint venture deal to co-develop EV programs using Foxconn's MIH open-source  platform. The JV, which will be named MIH EV Design, will be 55% owned by Foxconn and 45% by RIDE. Foxconn is committing $100M towards the JV, including a $45M loan to RIDE to support its initial capital commitment. Vehicles developed by MIH EV Design will be built

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Lordstown Motors stock soars postmarket after Foxconn deal closes