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EV startup Lordstown Motors files for bankruptcy protection

Posted on June 27, 2023 by Xordac Prime
Photo of Lordstown Motors plant in Ohio

Enlarge (credit: Bloomberg)

Lordstown Motors has filed for bankruptcy protection, marking the end of the road for an ailing electric truck manufacturer that promised a corner of the US Rust Belt hundreds of jobs tied to the auto industry’s green transition.

The company said the move followed the unraveling of a deal with Taiwan’s Foxconn, which in 2021 agreed to partner with Lordstown and help produce its flagship pick-up truck, the Endurance, and last year purchased its plant.

In a statement on Tuesday, Lordstown accused Foxconn of failing to “execute on the agreed-upon strategy, leaving us with Chapter 11 as the only viable option to maximize the value of Lordstown’s assets for the benefit of our stakeholders.”

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Source: Ars Technica – EV startup Lordstown Motors files for bankruptcy protection

This entry was posted in Ars Technica, Unfiltered RSS and tagged Ars Technica by Xordac Prime. Bookmark the permalink.
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