<h1 style="box-sizing: border-box; margin: 0px; font-weight: 500; line-height: 1.5; font-size: 2.4em; font-family: Poppins, sans-serif; color: var(--iq-title-text); letter-spacing: 1px; background-color: #ffffff;">Lordstown Motors to Build Electric Pickup Trucks in Foxconn's Ohio Plant</h1>
<h1 style="box-sizing: border-box; margin: 0px; font-weight: 500; line-height: 1.5; font-size: 2.4em; font-family: Poppins, sans-serif; color: var(--iq-title-text); letter-spacing: 1px; background-color: #ffffff;"><img style="box-sizing: border-box; vertical-align: middle; border-style: none; max-width: 41%; color: #585858; font-size: 14px; max-height: 273px; width: auto; height: auto; margin: 0px 10px;" src="https://i.imgur.com/MBMwFp4.jpg" alt="Lordstown Motors" align="right" /></h1>
<p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 1rem; color: #585858; font-size: 14px;">Earlier this year, Lordstown Motors announced plans to build an all-electric pickup truck. The company claimed it had 100,000 pre-orders for its vehicle, which is expected to be delivered to customers by the first half of 2023. It also declared that it had reached full homologation, meaning it was safe to sell the vehicle to the public.</p>
<p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 1rem; color: #585858; font-size: 14px;">However, after the announcement, Lordstown Motors stock plunged nearly 21 percent, according to The Business Journal. The company has remained under investigation by the Securities and Exchange Commission (SEC) and the US Department of Justice (DOJ), which are both investigating the company.</p>
<p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 1rem; color: #585858; font-size: 14px;">As part of its deal with Foxconn, the company said it would build Endurance pickups in the Lordstown, Ohio factory. The pickup is a full-sized electric truck with a four-wheel drive system and a 600-hp powertrain. It has a 250-mile range and a 7,500-pound tow rating.</p>
<p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 1rem; color: #585858; font-size: 14px;">The company says it will produce up to 500 units in its plant in the coming years. It is still dependent on raising additional capital, though, to build more trucks. It plans to deliver about 50 units this year and another 450 in the first half of 2023.</p>
<p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 1rem; color: #585858; font-size: 14px;">Foxconn has a long history of integrating software and hardware, and the company also has the purchasing power to help reduce the cost of raw materials. It is a major iPhone assembler, and has announced it will begin producing the Fisker PEAR EV, a vehicle for which it has an agreement with the electric car startup. The Lordstown facility will also become the center of Foxconn's EV manufacturing operations in North America.</p>
<p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 1rem; color: #585858; font-size: 14px;">Lordstown Motors has been a relatively small automaker, despite its massive ambitions to become a global leader in the EV space. It is estimated that the company has spent nearly $170 million on its vehicle startup and has completed two production-ready Endurance pickups. Eventually, the company plans to make electric vehicles for other EV startups as well. The company is also planning to raise money from a number of sources. One of the options is to hire former Tesla director of manufacturing Rich Schmidt.</p>
<p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 1rem; color: #585858; font-size: 14px;">The company is also working on increasing production of its debut model. In September, the company said it had begun limited production of the electric pickup. The truck has a crew cab configuration, a 5.5-foot bed and a 600-hp powertrain. The truck is currently the semifinalist for the North America Truck of the Year award. It will compete in a 290-mile loop in April. The company expects to complete the production of three trucks by the end of the year.</p>
<p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 1rem; color: #585858; font-size: 14px;">As part of the deal with Foxconn, the company will receive a fresh injection of capital. The investment will help to pay for a new EV program within Lordstown Motors. It will also allow the company to expand beyond its core electronics business and into automotive manufacturing. The deal is expected to close in the second half of this year.</p>
<p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 1rem; color: #585858; font-size: 14px;">Lordstown Motors has made a number of key personnel changes, including the hiring of former Tesla manufacturing director Rich Schmidt. The company also said it has filed all the required paperwork with the California Air Resources Board to certify its Endurance truck as an EPA-approved vehicle.</p>