Lordstown Motors Files For Bankruptcy After Dispute With Foxconn

UKRAINE - 2023/05/13: In this photo illustration, a Lordstown Motors Corporation (LMC) logo is seen on a smartphone screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

EV maker Lordstown Motors Corp (NASDAQ:RIDE) filed for bankruptcy protection on Tuesday, following a drawn-out dispute with Foxconn over a $170 million investment.

The Lordstown Motors factory is where GM once operated, in Lordstown, Ohio, on October 16, 2020. The old GM factory has been acquired by Lordstown Motors, an electric truck startup that wants to build a full-size pickup called Endurance. – Workers at the General Motors factory in Lordstown, Ohio, listened when US President Donald Trump said companies would soon be booming. But two years after that 2017 speech, the plant closed. GM’s shuttering of the factory was a blow to the Mahoning Valley region of the swing state crucial to the November 3 presidential election, which has dealt with a declining manufacturing industry for decades and, like all parts of the US, is now menaced by the coronavirus. (Photo by MEGAN JELINGER/AFP via Getty Images)