Lordstown Motors files for bankruptcy, sues Foxconn

Lordstown Motors – the company that moved into the shuttered GM plant in Trumbull County to create its electric Endurance vehicle – announced it has filed for Chapter 11 bankruptcy along with litigation against Foxconn, citing “fraud and willful and consistent failure to live up to its commercial and financial commitments to the company.”

The company also announced "a comprehensive marketing and sale process for the Endurance vehicle and related assets,” adding the company “is confident that a buyer could utilize the Endurance platform to create multiple EV variants and take the product to the next level.”

"Despite our best efforts and earnest commitment to the partnership, Foxconn willfully and repeatedly failed to execute on the agreed-upon strategy, leaving us with Chapter 11 as the only viable option to maximize the value of Lordstown's assets for the benefit of our stakeholders," according to a statement from Edward Hightower, the CEO and President of Lordstown Motors. "We will vigorously pursue our litigation claims against Foxconn accordingly."


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[stefandavenport]

Min 00:15 " FoxConn (Ohio) accused of fraudulent conduct..."
•• just as in Wisconsin's case.

•• another DT "Success", just as the Carrier loss of jobs in Indiana was exposed to be, in 2017.

Old quote:

" Pepperidge Farm remembers.... "

[brianbayowski]

LM stock has been under $1 for more than 3 1/2 months now! 😉

[voytekmiller]

Lordstown says FoxConn misled them. Lordstown complaining about others misleading would be on par with John Mcenroe saying that certain tennis players complain too much!

[jessewoody]

I knew the company would not pan out from the very beginning. Nothin but a get rich quick scam. Todays business model is based off the In Living Color skit "How to make mo money without using yo money" But its no

[scarlettjoehandsome]

FoxConn wasn't the problem, it was the curse of Trump.

[celestesenters]

How much money did the employees invest in RIDE stock?
We’re they coerced into buying it during the cozy lunches with the CEO ?
Aww so sad

[matthewralph]

What about the investors...
(beside going to 0000)