Electric Truck Startup Lordstown Motors Files for Bankruptcy and Sues Major Investor Foxconn

Lordstown Motors filed for Chapter 11 bankruptcy protection after failing to resolve a dispute over a promised investment from Foxconn.
Lordstown has accused Foxconn of fraudulent conduct and a series of broken promises in failing to abide by an agreement to invest up to $170 million in the electric-vehicle manufacturer.
Foxconn previously invested about $52.7 million in Lordstown as part of the agreement, and currently holds a roughly 8.4% ownership stake in the EV maker.
Lordstown's main product is the Endurance electric pickup truck, which is built at a former General Motors small-car factory in Lordstown, Ohio, for commercial customers such as local governments.
Lordstown filed for bankruptcy with plans to seek a buyer and does not have an initial offer in hand, known in bankruptcy parlance as a stalking-horse bidder, which sets a minimum price other suitors can top in an auction.