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

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

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

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

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

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%. 

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

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

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.