# Lordstown Motors and Foxconn form $100M EV joint venture

Lordstown Motors and Foxconn entered into a joint venture agreement, MIH EV Design LLC, with a $100 million investment to develop electric vehicles for the global market. Foxconn also invested $100 million in the joint venture.

- Type: Partnership
- Announced: 2022-05-11
- Where: United States
- Value: $100.0M
- Status: completed
- Products: electric vehicles
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md)

## Companies

- [Foxconn](https://endata.com/companies/15170.md) (partner)
- [Lordstown Motors Corp.](https://endata.com/companies/49086.md) (partner)

## Sources

- [prnewswire.com](https://www.prnewswire.com/news-releases/lordstown-motors-and-foxconn-close-asset-purchase-agreement-and-enter-into-jv-agreement-for-mih-based-ev-development-301545515.html), 2022-05-11: "Creation of $100 million joint venture, MIH EV Design LLC, to develop electric vehicles for the global market."

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