EV startup Lordstown Motors files for bankruptcy protection
by Financial Times from Ars Technica - All content on (#6CH1J)
Lordstown Motors has filed for bankruptcy protection, marking the end of the road for an ailing electric truck manufacturer that promised a corner of the US Rust Belt hundreds of jobs tied to the auto industry's green transition.
The company said the move followed the unraveling of a deal with Taiwan's Foxconn, which in 2021 agreed to partner with Lordstown and help produce its flagship pickup truck, the Endurance, and last year purchased its plant.
In a statement on Tuesday, Lordstown accused Foxconn of failing to execute on the agreed-upon strategy, leaving us with Chapter 11 as the only viable option to maximize the value of Lordstown's assets for the benefit of our stakeholders."