Foxconn to Purchase the Ohio Lordstown Motors Plant, Could Help Build Endurance Electric Pickup
Lordstown Motors was supposed to start production of its Endurance pickup truck this September. That didn't happen. And from the sound of things, we're not sure if production of the truck will ever happen. Lordstown Motors and Foxconn have entered into an agreement that will see Foxconn purchase Lordstown Motors' massive facility. Additionally, the two companies will enter into a strategic partnership. The deal to sell the plant will be finalized by April 30, 2022.
What Foxconn Gets
As a recap, the current facility that Lordstown Motors has been using to work on the Endurance is the former GM Lordstown Complex. The facility is located in Lordstown, near Youngstown, Ohio. General Motors stopped manufacturing vehicles at the facility on March 6, 2019 and sold the plant to Lordstown Motors for $20 million. The location houses three facilities, which include a metal center, vehicle assembly, and a paint shop. When the plant was running at full capacity, it was producing approximately 400,000 cars annually.
Since purchasing the Lordstown Complex, Lordstown Motors has used the facility to develop the Endurance pickup truck. Last we heard, the Endurance has a claimed 250 miles of range, 600 horsepower, and a towing capacity of up to 6,000 pounds. The pickup truck was rumored to start at $52,500. Lordstown made quite a lot of statements about how the Endurance would be the first electric pickup truck to enter the segment, but is well behind the Rivian R1T and Ford F-150 Lightning.
Lordstown Motors has not had an easy two years. The startup earned praise from the Trump administration and raised hundreds of millions of dollars when it went public, but went on to face fraud allegations and is involved in two government investigations. So, the deal with Foxconn is probably to save Lordstown and whatever is left of the Endurance.
Will The Endurance Be Built?
Going forward, we're interested to hear what Foxconn and Lordstown Motors have in store for their partnership. Foxconn has plans to make electric vehicles and components for electrified vehicles. The company could use the Lordstown facility as its main headquarter in the U.S. Foxconn could also help Lordstown Motors, which is in serious trouble, finish the Endurance.
"The Foxconn partnership will unlock the tremendous potential of the Lordstown plant by getting it to scale faster. At 6.2 million square feet, and 640 acres, the Lordstown Complex was one of the largest internal combustion engine automotive plants in North America. It is now being converted into a state-of-the-art EV manufacturing facility. Foxconn has an excellent opportunity to fill the plant, having already announced that the Fisker PEAR program is intended to be manufactured in Lordstown," said Foxconn.
Reports indicate that Foxconn will pay Lordstown $230 million for the entire facility and most of the equipment inside of it. The only things that are not included with the deal include Lordstown Motors' hub motors assembly, battery modules, and battery pack assemblies.
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