Transport Topics (May 10, 2022)
Electric truck startup Lordstown Motors has pushed back a deadline to complete the sale of its Ohio assembly plant to Foxconn by four more days to May 18. This marks the second delay of a deal that had originally been set to close last month. If it isn’t finalized by May 18 and the deadline isn’t extended, Lordstown would have to pay back $200 million in down payments — and has said it does not have the cash to do so. The two companies are working to complete their agreement, which also includes a contract manufacturing arrangement with Foxconn and plans for joint development of future vehicles.