After the Buyout, California Company Fisker Confirms It will Build 250,000 EVs Yearly There
LORDSTOWN — Lordstown Motors Corp. and Taiwan company Foxconn have finalized an agreement for the Taiwanese technology and electronics giant to purchase the electric-vehicle startup’s automobile assembly plant.
Foxconn will build the LMC pickup called the “Endurance”. Ironically the “Endurance” prototype pickup burnt down to the ground in it’s first 10 minutes﹡ of operation. After that the “Endurance” was only able to complete 40 miles of the 280 mile San Felipe 250 Race in Baja California on April 17 2021. No bueno.
﹡Fun fact: According to Tesla, they have one vehicle fire for every 205 million miles traveled.
Lordstown Motor Corp will survive for now, but in a reduced capacity and as a bit player.
California-based electric vehicle manufacturer Fisker has confirmed that it is going ahead with plans to produce its PEAR vehicle at the former GM Assembly Plant in Lordstown which has been acquired by Taiwanese-based Foxconn on Thursday.
“The PEAR will be a revolutionary electric vehicle that won’t fit into any existing segment. The exterior design will feature new lighting technology and a wraparound front windscreen inspired by a glider plane glass canopy, enhancing frontal vision,” Fisker Chairman and CEO Henrik Fisker said, adding that he plans to visit the factory with a team of engineers on Friday, May 13, 2022.
Fisker says it has designed and engineered the PEAR to reduce parts for rapid, simplified manufacturing. It will be built on a new proprietary architecture which will be utilized to underpin two additional models that Fisker will introduce at a later date.
Production will begin in 2024 and will have a base price under $29,000.
In April, 2021, Foxconn drastically scaled back a planned $10 billion factory in Wisconsin, a project former U.S. President Donald Trump once called “the eighth wonder of the world.”
Foxconn struck the preliminary deal to acquire the Lordstown Ohio plant in September 2021.
Lordstown Motor Corp’s stock price (RIDE) closed at $2.22 after bottoming out at $1.50. It’s high was $31.80 before lawsuits, SEC investigations, DOJ investigation, allegations of insider trading, 100,000 fake orders for the pickup exposed, and constant cash shortages.
This is the latest in a series of discussions about the former GM plant that once employed as many as 13,000 workers.
Lordstown is about 20 minutes from Youngstow, NW route.