Lordstown Nears Deal To Sell EV Plant To An Apple Supplier - What You Need To Know - General Motors (NYSE:GM), Foxconn Tech Co (OTC:FXCOF)

Electric truck startup Lordstown Motors Corp RIDE nears an agreement to sell an Ohio car factory acquired from General Motors Co GM to Foxconn Technology Co Ltd FXCOF, Bloomberg reports.
The plant would mark Apple Inc AAPL partner Foxconn's automotive manufacturing debut in the U.S. as it accelerates a push into electric vehicles in hopes of replicating its smartphone success.
The facility could build over 300,000 of the now-defunct Chevrolet Cruze compact car per year before GM stopped making the vehicle in March 2019. That's when Lordstown stepped in to acquire it.
The sale would help the already troubled Lordstown Motors to raise cash and realize the benefits of large-scale manufacturing by building multiple models in the same facility.
Lordstown is working on getting its Endurance pickup truck ready for production. However, it would still be a challenge for Lordstown Motors to utilize the entire plant fully.
Lordstown is already battling an SEC and DOJ investigation over misstated preorders for Endurance, followed by the ouster of its founder CEO.
Price Action: RIDE shares traded higher by 6.93% at $7.87 in the premarket session on the last check Thursday.

Lordstown Nears Deal To Sell EV Plant To An Apple Supplier - What You Need To Know