Lordstown to Sell Ohio Plant to Foxconn in $280 million Deal

Lordstown Motors Corp. agreed to partner with Foxconn Technology Group in a $280 million deal that has the startup selling its former General Motors Co. factory in Ohio to the Taiwanese company in exchange for cash and an equity investment.

Under terms of the transaction, Lordstown Motors will sell the Lordstown factory to Foxconn for $230 million after buying it from GM for just $20 million. The maker of Apple’s iPhone will buy $50 million worth of common stock in its new partner and plans to assemble its Endurance electric pickup truck. The deal is contingent on the two sides ...