Foxconn deliberately destroyed us
The manufacturer of the electric pick-up Endurance never prospered and now Lordstown Motors is in such financial trouble that it has filed for bankruptcy. Lordstown Motor points an accusing finger at Foxconn.
A few years ago, Lordstown Motors was placed in the ranks of potentially successful new American EV builders such as Rivian. Like Rivian, Lordstown Motors would build an electric pickup: the Endurance. More than Rivian’s, Lordstown Motors’ history has been filled with uncertainties, but with Taiwan’s Foxconn as a manufacturing partner – which even took over Lordstown’s huge former General Motors factory – everything seemed to work out. Seemed, indeed. Lordstown Motors has filed for bankruptcy.
Lordstown points an accusing finger at Hon Hai Technology Group and at related Foxconn. Lordstown accuses the Taiwanese company of fraud, saying Foxconn has deliberately and consistently failed to meet its financial obligations. According to Lordstown, this has seriously damaged not only the company, but also its future. “Despite our best efforts and dedication, Foxconn has deliberately and repeatedly failed to execute on the agreed strategy. We see Chapter 11 (bankruptcy) as the only way out,” CEO Edward Hightower explained in an accompanying letter. According to Lordstown Motors, Foxconn merely used its agreements with Lordstown “[…] as instruments to destroy the company and used Lordstown’s resources only to advance its own business interests.”
Lordstown has filed for bankruptcy, but says it is debt free. It hopes that there is a company that will take over to make the electric Endurance a success.
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– Thanks for information from Autoweek.nl