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<blockquote data-quote="Weather Man" data-source="post: 16692003" data-attributes="member: 137766"><p><h3><a href="https://seekingalpha.com/news/3769095-lordstown-motors-jumps-after-disclosing-more-details-on-foxconn-partnership?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain" target="_blank">Lordstown Motors jumps after disclosing more details on Foxconn partnership</a></h3><p><a href="https://seekingalpha.com/symbol/RIDE" target="_blank">RIDE -2.28%</a>Nov. 10, 2021 4:44 PM ET<a href="https://seekingalpha.com/news/3769095-lordstown-motors-jumps-after-disclosing-more-details-on-foxconn-partnership?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain#scroll_comments" target="_blank">2 Comments</a></p><p></p><p>Tasos Katopodis/Getty Images News</p><ul> <li data-xf-list-type="ul">Lordstown Motors (NASDAQ:<a href="https://seekingalpha.com/symbol/RIDE" target="_blank">RIDE</a>) soars after <a href="https://seekingalpha.com/pr/18556187-foxconn-and-lordstown-motors-enter-transformative-strategic-partnership" target="_blank">disclosing</a> that a strategic partnership with Foxconn (<a href="https://seekingalpha.com/symbol/HNHAF" target="_blank">OTCPK:HNHAF</a>) will include selling its Lordstown facility to Foxconn for $230M.</li> <li data-xf-list-type="ul">The sale will exclude certain assets such as the hub motor assembly line and battery module and pack lines.</li> <li data-xf-list-type="ul">Foxconn has agreed to make a down payment of the purchase price of $100M by November 18, and subsequent down payments of $50M on each of February 1, 2022 and no later than April 15, 2022. The balance of the purchase price will be paid at closing.</li> <li data-xf-list-type="ul">In addition, RIDE and Foxconn have agreed to pursue a contract manufacturing agreement for the Endurance pickup truck, which must be entered into before the closing date, which is targeted for April 30, 2022. Lordstown Motors and Foxconn will pursue a joint venture agreement to co-design and develop vehicle programs for the global commercial fleet market, using the MIH open platform.</li> </ul></blockquote><p></p>
[QUOTE="Weather Man, post: 16692003, member: 137766"] [HEADING=2][URL='https://seekingalpha.com/news/3769095-lordstown-motors-jumps-after-disclosing-more-details-on-foxconn-partnership?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain']Lordstown Motors jumps after disclosing more details on Foxconn partnership[/URL][/HEADING] [URL='https://seekingalpha.com/symbol/RIDE']RIDE -2.28%[/URL]Nov. 10, 2021 4:44 PM ET[URL='https://seekingalpha.com/news/3769095-lordstown-motors-jumps-after-disclosing-more-details-on-foxconn-partnership?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain#scroll_comments']2 Comments[/URL] Tasos Katopodis/Getty Images News [LIST] [*]Lordstown Motors (NASDAQ:[URL='https://seekingalpha.com/symbol/RIDE']RIDE[/URL]) soars after [URL='https://seekingalpha.com/pr/18556187-foxconn-and-lordstown-motors-enter-transformative-strategic-partnership']disclosing[/URL] that a strategic partnership with Foxconn ([URL='https://seekingalpha.com/symbol/HNHAF']OTCPK:HNHAF[/URL]) will include selling its Lordstown facility to Foxconn for $230M. [*]The sale will exclude certain assets such as the hub motor assembly line and battery module and pack lines. [*]Foxconn has agreed to make a down payment of the purchase price of $100M by November 18, and subsequent down payments of $50M on each of February 1, 2022 and no later than April 15, 2022. The balance of the purchase price will be paid at closing. [*]In addition, RIDE and Foxconn have agreed to pursue a contract manufacturing agreement for the Endurance pickup truck, which must be entered into before the closing date, which is targeted for April 30, 2022. Lordstown Motors and Foxconn will pursue a joint venture agreement to co-design and develop vehicle programs for the global commercial fleet market, using the MIH open platform. [/LIST] [/QUOTE]
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