From Bloomberg’s “Lordstown Nears Deal to Sell Ohio Plant to Taiwan’s Foxconn” posted Thursday:
Lordstown Motors Corp., the electric-truck maker running low on cash, is near an agreement to sell its highly politicized Ohio factory to Taiwan’s Foxconn Technology Group, people familiar with the matter said.
The companies are set to announce the pact as soon as later Thursday, said the people, who asked not to be named as the plan isn’t yet public. They didn’t disclose the value of the transaction. Lordstown Motors struck a deal with General Motors Co. in late 2019 to buy the plant the automaker opened in 1966.
The sale will bring in much-needed funds and potentially help Lordstown Motors realize the benefits of large-scale manufacturing faster by building multiple models in the same facility along with Foxconn. For the biggest assembler of Apple Inc.’s iPhone, the plant would establish the company’s auto manufacturing footprint in the U.S. as it pushes into electric vehicles.
My take: The New York Times and Wall Street Journal both picked up Bloomberg’s story, reporting the deal as a nonbinding agreement or an agreement in principle. All three stories mention Apple. Foxconn is not Apple, of course, but the two companies are tight.