Lordstown Motors Corp. announced several executive appointments that the company says further strengthens its senior leadership team: Daniel A. Ninivaggi was elected to serve as executive chairman of the board of Lordstown Motors. In this role, Ninivaggi will focus on corporate strategy, strategic partnerships and capital raising. Edward T. Hightower, the company’s president, has been elected
Lordstown Motors Corp. has closed the sale of its Lordstown facility and signed a contract manufacturing agreement and joint venture agreement for product development with affiliates of Hon Hai Technology Group. On November 10, 2021, Lordstown Motors and Foxconn entered into an asset purchase agreement providing for the sale of LMC’s Lordstown, Ohio vehicle assembly plant to Foxconn for $230 million-plus
As part of the company’s fiscal year 2021 financial results, Lordstown Motors Corp. said it expects it will build 500 all-electric Endurance pickup trucks in 2022. That number could move to as many as an additional 2,500 trucks to be built in 2023, the company said. “The fourth quarter marked a significant strategic shift for
Under the agreement, Foxconn would purchase the Lordstown facility, excluding some assets, for $230 million.
Lordstown Motors Lead Independent Director Angela Strand has been appointed as executive chairwoman of the company, and will oversee the organization’s transition until a permanent CEO is identified. Becky Roof will serve as interim chief financial officer.