Lordstown Motors Says Foxconn Is Trying to Back Out of Investment

Electric-vehicle startups like Rivian, Lucid, Fisker, Canoo and Lordstown are having to adjust to the realities of making vehicles in a harsh economy. WSJ’s George Downs explains some of the challenges they’re facing. Photo composite: George Downs
Foxconn Technology Group , the world’s biggest contract manufacturer for electronics, is trying to back out of its deal to increase its stake in Lordstown Motors Corp., the electric-vehicle startup said.
Foxconn agreed in November to spend up to $170 million to buy both common stock and newly created preferred shares in Lordstown in a crucial cash injection for the startup, which was still working to increase production of its debut EV truck, called the Endurance.