Struggling EV startup Lordstown Motors is nearing a sale of its Ohio factory to Taiwanese iPhone assembler Foxconn, which has its own electric vehicle ambitions, Bloomberg reports. The deal could be announced as soon as Thursday evening.
Lordstown Motors bought the 6.2 million square foot facility from General Motors in 2019 shortly after the Detroit automaker closed it down — a decision that drew the ire of then-president Trump. The startup previously announced in August that it was planning to rent out space at the factory in an effort to make money amid a serious cash crunch. Reuters is also reporting that a sale is on the verge of happening.
Since buying it, Lordstown Motors has put about $240 million worth of work into getting the factory ready to build its electric pickup truck, the Endurance. A spokesperson for Lordstown Motors declined to comment. Foxconn did not respond to a request for comment.