Foxconn needs Lordstown to get EVs on the road

A mural is displayed on the wall outside the Lordstown Motors plant in Lordstown, Ohio. Foxconn Technology Group, the world’s largest electronics maker, has a deal to buy a huge auto assembly plant in Ohio from startup electric truck maker Lordstown Motors, the companies announced Thursday, Sept. 30. - AP

ON the surface, it looks like Foxconn Technology Group is bailing out troubled electric-vehicle (EV) maker Lordstown Motors Corp by agreeing to hand over US$280mil (RM1.17bil) for some of its United States production facilities and shares.

But the Taiwanese company isn’t in the habit of doing favours, and is seizing this opportunity to get a car onto the road and convince the global auto industry that it’s a viable player.