Lordstown Motors Drives Into Bankruptcy After Foxconn Investment Fallout
Portfolio Pulse from Anan Ashraf
EV maker Lordstown Motors Corp (NASDAQ:RIDE) has filed for bankruptcy protection after a dispute with Foxconn over a $170 million investment. The company has started the sales process for its Endurance truck and other assets, and filed litigation against Hon Hai Precision Industry Co Ltd and Foxconn Ventures Pte Ltd.
June 27, 2023 | 7:16 am
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Lordstown Motors filed for bankruptcy protection due to a dispute with Foxconn over a $170 million investment, which may negatively impact the company's stock price.
The bankruptcy filing is a direct result of the dispute with Foxconn over the $170 million investment. This will likely have a negative impact on Lordstown Motors' stock price as it indicates financial instability and potential legal battles.
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