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Technology

Foxconn secures first EV plant in U.S. with Lordstown deal

Apple supplier accelerates plans to begin manufacturing cars in America

A beta version of Lordstown Motors' Endurance electric pickup. Foxconn will produce the electric truck as part of a facility purchase agreement with the American startup.   © Reuters

TAIPEI -- Foxconn has struck a deal to acquire its first electric vehicle manufacturing plant in North America, part of $280 million in deals with U.S. electric vehicle startup Lordstown Motors that also include a share purchase.

The Taiwanese tech giant said on Friday morning it will take a roughly 4% stake in Lordstown for around $50 million and also buy the American company's manufacturing complex in Ohio for $230 million. Foxconn will produce Lordtown's Endurance full-size pickup truck as part of the facility purchase agreement, the two companies said.

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