# Lordstown Motors and Foxconn announce agreement in principle for EV partnership

Lordstown Motors and Hon Hai Technology Group (Foxconn) reached a non-binding agreement in principle to jointly develop electric vehicle programs at Lordstown's Ohio plant. Foxconn will also purchase $50 million of Lordstown Motors common stock.

- Type: Partnership
- Announced: 2021-09-30
- Where: Lordstown, Ohio, United States
- Value: $50.0M
- Status: announced
- Capacity: 6.2 million square foot production and assembly plant
- Products: electric light duty trucks, electric vehicle programs
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md)

## Companies

- [Lordstown Motors Corp.](https://endata.com/companies/49086.md) (partner)
- [Hon Hai Technology Group](https://endata.com/companies/50180.md) (partner)

## Sources

- [investor.lordstownmotors.com](https://investor.lordstownmotors.com/news-releases/news-release-details/lordstown-motors-and-hon-hai-technology-group-announce-agreement/), 2021-09-30: "The goal of the partnership is to present both Lordstown Motors and Foxconn with increased market opportunities in scalable electric vehicle production in North America."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.