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Foxconn’s investment in Lordstown hasn’t materialized yet and this means the company could lose its major source of funding.
Source: https://investorplace.com/2023/06/3-ev-stocks-to-avoid-like-the-plague-in-june-2023/
If Lordstown fails to raise additional capital, the company may be in a bad spot.
In its fourth-quarter 2022 financial results, Lordstown indicated it would shift focus from the Endurance to a new EV likely using Foxconn-sourced components, and likely built at the same Ohio plant.
Source: https://www.greencarreports.com/news/1139534_lordstown-indicates-foxconn-may-be-backing-out-of-deal
In Lordstown, Ohio, workers added 28 cars.
Source: https://truthout.org/articles/warnings-mount-about-the-dangers-of-long-freight-trains/
In response, Lordstown warned in a regulatory filing that failure to resolve the dispute may require it to curtail operations.
Source: https://investorplace.com/2023/05/ride-stock-alert-why-lordstown-motors-just-hit-a-new-low/
Key for Foxconn will be scoring the first big customer to anchor its Ohio plant, which currently builds a small number of electric Endurance pickup trucks for Lordstown Motors, in which it owns a stake.
Leaving Lordstown aside, here are the three EV stocks to sell this month before they hit all-time lows.
Source: https://investorplace.com/2023/08/3-ev-stocks-to-sell-in-august-before-they-crash-and-burn/
Naturally, the overhang devastated Lordstown, which already sits in a precarious financial position.
Source: https://investorplace.com/2023/05/7-red-flag-stocks-that-you-need-to-avoid-like-the-plague/
The “shakedown,” court papers say, began with a “quick property flip, which Lordstown now claims to be a Foxconn fraud with a specious conclusion that the sale was ‘too cheap’ and a ‘fraction of its replacement cost.’
Source: https://businessjournaldaily.com/foxconn-fires-back-accuses-lordstown-motors-of-shakedown/
“This plant is going to be the pattern for everything that’s coming in the future,” said Tim O’Hara, who was the vice president of the Lordstown U.A.W. local when the G.M. plant shut down.
Source: https://www.nytimes.com/2023/09/23/us/politics/biden-electric-vehicles-uaw.html
Without money or a truck to sell, there isn’t much left of Lordstown.
Workers at the Ultium Cell battery plant in Lordstown, voted overwhelming in November to join the agreement.
Source: https://www.counterpunch.org/2023/12/19/a-new-hope-the-uaw-victory-and-beyond/