iPhone maker Foxconn becomes Lordstown Motors’ biggest investor and unveils ‘Make your EV’ model
Foxconn, a leading maker of iPhones for Apple devices, has taken another step in expanding its ambitions in the emerging electric vehicle (EV) space by investing up to US$170m (£147.8m) in developer Lordstown Motors Corp. American electric trucks unveiled a new car. Build your own EV model.
Lordstown on Tuesday reported third-quarter earnings and said it has begun commercial production of its first vehicle, the Endurance pickup truck, at its Foxconn Ohio assembly plant “at a very slow rate.”
Taiwan-based Foxconn is offering to increase its stake in Lordstown by up to 18% after last month outlining its ambition to grow its electric vehicle business to the point where it would achieve 40-45% of global production.
For Lordstown, the money comes as it looks to ramp up Endurance production at its Foxconn plant, where 12 of the first batch of 500 units have been made so far, and which will face Tesla’s Cybertruck when it finally comes to market.
The first deliveries are scheduled for the current quarter, subject to “full homologation and certification required” expected in the coming weeks, with a total of 30 trucks expected by the end of 2022 and the rest aiming to be built in the first half of 2023.
The US company said it is seeking partnerships with other automakers to expand the endurance rollout and that “pre-development work” has begun on its next car in collaboration with the “Foxconn Ecosystem”, including the MIH consortium.
Lordstown is targeting year-end cash and short-term investments of $150-165 million, including Foxconn’s initial investment, excluding contingent liabilities and other financing.
Foxconn, which launched its EV business in 2019 and in 2020 spearheaded the establishment of MIH’s open platform with suppliers to develop cross-platform software and hardware platforms, has announced a timeline for MIH’s new Project X vehicle built with the open platform it says. It will “reduce the entry barrier for companies entering the electric vehicle market to customize vehicles based on their needs.”
Project X’s timeline and exterior design is expected to produce a three-seater BYOV (Make Your Own Car) concept car by the end of 2023
Foxconn said the modular design approach and modular interfaces mean that innovative products can be delivered “in less time and cost, catering to different audiences and enabling new business models for car-sharing companies, mobility service providers, fleet operators, logistics providers, and new electric vehicle brands.”
Jack Cheng, CEO of the consortium, said: “Project X is a demonstration of a new EV platform for the ecosystem. We don’t just make cars, but we also enable the creation of more lifestyles.
“Thinking beyond today’s means and by adopting the latest technologies such as artificial intelligence, autonomous driving and Web3, this vehicle platform can create shared mobility, digital healthcare in a post-pandemic society, entertainment and other future applications unimaginable today. Project X’s goal is to develop an EV platform The world’s most famous for innovators by innovators.”
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