Lordstown Motors files for bankruptcy protection and sues Foxconn

Electric vehicle maker Lordstown Motors on Tuesday filed for bankruptcy protection and said it’s suing former partner Foxconn.

Lordstown shares RIDE fell 46% in premarket trade, after ending Monday at $2.76, down... Electric vehicle maker Lordstown Motors on Tuesday filed for bankruptcy protection and said it’s suing former partner Foxconn. Lordstown shares RIDE fell 46% in premarket trade, after ending Monday at $2.76, down 7%. Lordstown shares have slumped 90% from its 52-week high.

“As the lawsuit describes, Foxconn simply used its variety of contractual arrangements with the Company as a tool to maliciously and in bad faith destroy Lordstown’s business—while leveraging resources gained through the partnership to advance its own business interests,” the company said.

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BAC boss: Supply chain shortcomings slowing EV development | AutocarLiverpool-based supercar maker says 'we're in' once electric motors become widely available
Source: autocar - 🏆 93. / 67 Read more »

“Made In Ghana” E-Cargo Bikes Programme Plans To Accelerate Climate-Friendly Mobility Solutions & Employment Opportunities - CleanTechnicaThe transition to electric mobility is now well underway in a lot of countries around the world. There has been significant progress in the electric bus, electric car, electric scooter & motorcycle, and electric bicycle sectors over the past decade. There is also now some significant traction in various areas on the African continent. To […]
Source: cleantechnica - 🏆 565. / 51 Read more »

Aston Martin strikes deal with California-based Lucid to help make EVs | CNN BusinessBritish ultra-luxury sports car maker Aston Martin has signed a deal with Lucid Group, the California-based electric luxury car startup. Lucid will provide electric motors under the arrangement and battery systems for Aston Martin’s future electric vehicles.
Source: cnni - 🏆 326. / 59 Read more »