U.S. electric truck manufacturer Lordstown Motors filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn .
Well lordstown was always a niche player. Plus the production capacity is going nowhere, since it is now owned and operated by Foxconn.
Lordstown was always going out of business. They merely bought couple extra years by selling the factory to Foxconn. Foxconn got it at a steal, since Lordstown was indesperate need of money.
Foxconn has no intention to make success out of Lordstown and endurance. They are aiming to be contract maker for hire like MagnaSteyr, Valletta Automotive or VDL. They aim for big secure contracts with the main brands.
“The bankruptcy of Lordstown signals that the days of successful EV startups is in the rear-view mirror,” said Thomas Hayes, chairman at hedge fund Great Hill Capital. “Moving forward it will be Tesla and the traditional incumbents … that will duke it out for market share.”
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A shame, we need more EV innovation.
Luckily traditional automakers are actually taking EVs seriously now day.
Well lordstown was always a niche player. Plus the production capacity is going nowhere, since it is now owned and operated by Foxconn.
Lordstown was always going out of business. They merely bought couple extra years by selling the factory to Foxconn. Foxconn got it at a steal, since Lordstown was indesperate need of money.
Foxconn has no intention to make success out of Lordstown and endurance. They are aiming to be contract maker for hire like MagnaSteyr, Valletta Automotive or VDL. They aim for big secure contracts with the main brands.
Meanwhile at Rivian: 👋