EV company Lordstown completes $230 million sale of its Ohio factory to Foxconn

The EV company Lordstown sold its Ohio factory to a Taiwanese company that makes the Apple iPhone. The factory will become the site of a joint venture between the two companies.

The deal was supposed to close last month, but Lordstown kept pushing it back. If the sale wasn't completed before May 18th, the company would have had to pay back the $200 million that Foxconn put down as a deposit.

55 percent of the new joint venture will be owned by Foxconn and 45 percent by Lordstown. The joint venture will get $100 million from Foxconn and a $45 million loan from Lordstown to build electric pickup trucks. Since buying it from General GM, Lordstown has put about $240 million into getting the factory ready to build its electric pickup truck, the Endurance.

The deal will allow the company to open its first automotive factory in the US as it tries to establish itself as a global electric vehicle manufacturer. It has failed to live up to the many promises it made to the state of Wisconsin.

In the last year, Foxconn has talked about expanding into electric vehicles as a way to get away from consumer electronics. It has struck deals with the likes of Fisker Inc., a California EV startup that has yet to make an electric vehicle, as well as China's largest private automakers. The electric vehicle platform developed by Foxconn is intended to be sold to other manufacturers.