The deal could result in the sale of the struggling automaker’s Ohio factory to Foxconn. Lordstown is under federal investigation and needs more cash to mass-produce an electric pickup truck.
The automaker and a supplier will spend $11.4 billion on three battery factories and a truck plant, creating 11,000 jobs.
Small trucks from Ford and Hyundai are joining a growing field of electric models as America’s go-to vehicle adapts to an evolving market.
Ford has had to halt or slow production of highly profitable models like the F-150 pickup truck and various sport-utility vehicles.
After 80 years, the King of the Off-Road is vying to maintain its cult following while it charts its electric future.
The Japanese carmaker will also manufacture a new electric vehicle in England as part of a £1 billion investment, partially supported by the government.
The company’s top executive resigned after the struggling automaker released an investigation by its board.
Analysts credit the new chief executive, Jim Farley, with energizing the automaker, which still faces challenges.
Analysts credit the new chief executive, Jim Farley, with energizing the automaker, which still faces challenges.
Lordstown Motors, which bought a shuttered General Motors factory in Ohio, warned that it needs to raise more money and might not survive.
