Transportation

US Truck Startup Lordstown Files for Bankruptcy After Foxconn Deal Falls Through

Foxconn planned to manufacture Lordstown EVs at Ohio plant
EV maker warned in May it may fail on Foxconn dispute

The Lordstown Motors Endurance electric pickup truck in 2020.Photographer: Matthew Hatcher/Bloomberg

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By Harry Suhartono and Debby Wu

June 27, 2023 at 5:39 AM UTC

Updated on

June 27, 2023 at 1:42 PM UTC

This article is for subscribers only.

Lordstown Motors Corp. shares plummeted after the electric-vehicle maker once hailed by former US President Donald Trump for saving automaking jobs filed for bankruptcy.

The move to seek Chapter 11 protection from creditors follows a protracted dispute with iPhone maker Foxconn Technology Group over a deal to make pickup trucks for Lordstown at an assembly plant in Ohio. The Taiwanese manufacturer had said it was prepared to pull out of their production partnership, prompting the EV startup to warn it could fail if it was unable to resolve the conflict.