Lordstown CEO Was Snubbed By Foxconn Arm In Taiwan: Report
Portfolio Pulse from Benzinga Newsbot
Lordstown Motors Corp. (NASDAQ:RIDE) CEO Ed Hightower's trip to Taiwan to meet with Foxtron, an affiliate of Foxconn Technology Group, ended unsuccessfully. Despite spending three days in isolation due to Covid-19 protocols, Hightower was unable to secure the necessary engineering drawings, data, and licensing agreements from Foxtron. Lordstown Motors filed for bankruptcy after failing to establish a partnership with Foxconn and also sued Foxconn for breach of contract and fraud. Lordstown is currently seeking another automaker to partner with.
June 29, 2023 | 5:14 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Lordstown Motors' unsuccessful attempt to secure a partnership with Foxconn has led to bankruptcy and a lawsuit. The company is now seeking a new partner.
The failed partnership with Foxconn has led to significant financial and legal issues for Lordstown Motors, including bankruptcy and a lawsuit. This is likely to negatively impact the company's stock price in the short term. The company's future now depends on its ability to secure a new partner.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100