EV Startup Lordstown Motors Files for Bankruptcy, Sues Foxconn

Lordstown Motors has made good on its threat to sue Foxconn, the Taiwanese company best known for manufacturing Apple’s iPhones. The EV company took legal action against Foxconn Tuesday, and simultaneously filed for bankruptcy and put itself up for sale.

Lordstown, the EV startup that went public via a merger with a special purpose acquisition company in 2020, filed for Chapter 11 protection in Delaware.

The litigation and restructure come after Lordstown failed to resolve its dispute with Foxconn over a previously agreed upon investment.

Read the source article at yahoo.com