Foxconn invests another $170M into EV SPAC Lordstown Motors

Taiwanese manufacturer Foxconn is increasing its investment in EV startup Lordstown Motors by buying $170 million in common stock and newly created preferred shares.
Once the deal is complete, Foxconn will hold all of Lordstown’s outstanding preferred stock and 18.3% of its common stock on a pro-forma basis. Foxconn will also have the right to two board seats, the companies said Monday.
The additional investment comes a year after the electric light-duty truck manufacturer sold its 6.2-million-square-foot Lordstown, Ohio factory to Foxconn. As part of that $230 million deal, which includ

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