Lordstown needs $150M in capital to boost production, delays plant sale to Foxconn
EV maker said it would need to raise cash this year due to deferred tooling investments
By Arghyadeep Dutta
Published - May 09, 2022, 03:39 PM ET
Last Updated - Feb 26, 2024, 02:32 PM EST
It has time till May 18 to close the deal to sell its Ohio manufacturing plant to Foxconn
Lordstown Motors Corp (NASDAQ: RIDE) on Monday said it would need an additional $150 million in capital apart from its sale of assets to Taiwanese contract manufacturer Foxconn to begin boosting production of its all-electric pickup truck, the Endurance.
Shares of Lordstown plummeted almost 19% on Monday, after the market opened, but recovered some of its loss later in the day and are trading at $1.80, down 5.5%, at the time of reporting.
The electric carmaker said it has nine more days to sell its Ohio manufacturing plant to Foxconn.
