iPhone manufacturer Foxconn backs electric truck

iPhone manufacturer Foxconn backs electric truck manufacturer Lordstown Motor Apple’s iPhone manufacturer Foxconn Learn more

has announced that it is increasing its investment in a US electric pickup truck company that might compete with Tesla’s Cybertruck.

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The digital behemoth is investing up to $170 million (£147.8 million) in shares of the struggling startup Lordstown Motors.

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The company plans to increase production of its first model, the Endurance, as a result of the significant infusion of cash.

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At a former General Motors facility in the US state of Ohio, Lordstown has started producing the automobile.

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According to the agreement, Lordstown’s largest investor became the largest contract producer of electronics in the world after purchasing a stake of more than 18%.

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Executive chairman of Lordstown Daniel Ninivaggi stated, “Since announcing our initial deal with Foxconn

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more than a year ago, it has been our ambition to build a comprehensive strategic cooperation that harnesses the talents of both companies.”

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However, they did not provide any other information regarding their intent to jointly develop an electric vehicle. The two firms also stated that they will work together to do so.

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