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AJ Bell analyst, Danni Hewson, says that the deal should buy Lordstown some breathing room to continue production of the company’s much anticipated electric pickup truck.
“Building electric vehicles is an expensive business at the best of times. Right now the supply crunch is making life incredibly difficult and Lordstown Motors and its shareholders will be feeling a rather heady sense of relief today,” added Hewson.
Foxconn will now manufacture Lordstown Motors’ Endurance electric pickup truck which will go into production in the third quarter of the year and be in the hands of customers in the fourth quarter.
By Michael Elkins
