Lordstown achieves North American electric vehicle manufacturing base by completing agreement with Hon Hai

Han Hai and Lordstown Motors, an American commercial electric light truck manufacturer, announced at the dawn of Taipei time on the 12th that the two sides had officially completed the contract for OEM production and the signing of a joint venture development agreement. (photo from this newspaper)

Hon HaiAmerican commercial electric light truck manufacturer Lordstown Motors announced on the 12th at 5:30 p.m. Taipei time that the two sides officially signed the OEM manufacturing agreement and joint venture development agreement; This means Hon Hai officially gained North AmericanElectric Carmanufacturing base, the electric vehicle business has entered a new milestone.

In accordance with the Property Purchase Agreement (APA) signed between Lordstown and Hon Hai on 11 November 2021, Hon Hai will acquireohioThe existing production and assembly plant in Lordstown has also completed asset delivery and transfer preparations, and has received regulatory approval.

The completion of the OEM Construction Agreement and the Joint Venture Development Agreement also represents Hon Hai’s official acquisition of the Lordstown plant. Ohio will become Hon Hai’s first electric vehicle manufacturing base in North America, and will serve more electric vehicle customers through this base. Future.

Following the transfer of the property, approximately 400 Lordstown employees will be transferred to Hon’ble High. This group of professional and experienced teams will be the immediate force for Hon Hai to develop electric vehicles. In addition to protecting work rights and the interests of relevant partners, Hon Hai will collaborate with various OEMs in the future to provide North American employees with more diverse and future-oriented job development opportunities in the electric vehicles field.

Hon Hai and Lordstown completed the OEM Manufacturing Agreement and today signed the Joint Venture Development Agreement, which also marks a new milestone in the cooperation between the two sides.

The OEM manufacturing agreement confirms that Lordstown will become Hon Hai’s first mass-produced commercial vehicle customer. In the second half of the year, the Lordstown electric pickup truck will be produced at the Ohio plant, and Hon Hai will also supply some components.

The joint development agreement is that the two sides will design and develop commercial electric vehicles targeting the global market based on the MIH Electric Vehicle Open Platform. Hon Hai will invest US$55 million and hold 55% equity in this joint venture. The two sides will share resources and combine the knowledge (expertise) of Hon Hai and Lordstown in ICT (Information and Communication Industry) and Electric Vehicles. industry to provide to all OEM customers. , the production scale can be achieved with less production and shorter time to market, and the range of TTM (time to market) and TTC (time to cost) can be greatly shortened.

Hon Hai Electric Vehicle Ohio

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