Lordstown Motors shares surge after it sells assets to Foxconn [Reuters]
Lordstown Motors Corp. - Class A (RIDE)
Company Research
Source: Reuters
startup said it had closed the deal to sell its Ohio facility with Taiwanese contract manufacturer Foxconn (2317.TW) The EV industry is battling supply chain disruptions and rising material costs, which are hurting their ability to ramp up production to meet red-hot demand for electric vehicles in the United States amid surging fuel prices. The deal closure buys Lordstown Motors some much needed breathing room and gives production of its electric pickup a chance at success, said Danni Hewson, analyst at AJ Bell. "Building electric vehicles is an expensive business at the best of times. Right now the supply crunch is making life incredibly difficult and Lordstown Motors and its shareholders will be feeling a rather heady sense of relief today," added Hewson. Setting up manufacturing lines for electric vehicles is a capital intensive process and startups in the past have struggled to raise sufficient capital to mass produce vehicles. Foxconn will now manufacture Lordstown Moto
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