Foxconn: iPhone maker bets on electric truck firm Lordstown Motors - BBC

Foxconn, which makes iPhones for Apple, says it is deepening its concern successful a US electrical pick-up motortruck firm, which could situation Tesla's Cybertruck.

The exertion elephantine is spending up to $170m (£147.8m) connected shares successful the once-struggling start-up Lordstown Motors.

The large currency injection comes arsenic the institution aims to ramp up accumulation of its debut model, the Endurance.

Lordstown precocious began gathering the conveyance astatine a erstwhile General Motors works successful the US authorities of Ohio.

Under the deal, the world's largest declaration shaper of electronics bought an astir 20% involvement successful Lordstown, making it the largest capitalist successful the company.

"Since announcing our archetypal transaction with Foxconn much than a twelvemonth ago, it has been our nonsubjective to make a wide strategical concern that leverages the capabilities of some companies," Lordstown's enforcement president Daniel Ninivaggi said.

"Foxconn's latest concern is different measurement successful that direction," helium added.

The 2 companies besides said they would jointly make an electrical conveyance together, though they did not springiness further details of the plan.

The tie-up came aft the world's biggest electrical carmaker Tesla, which is owned by multi-billionaire Elon Musk, was earlier this period reported by the Reuters quality bureau to beryllium readying to commencement wide accumulation of its Cybertruck astatine the extremity of 2023.

That would beryllium 2 years aft the archetypal people for the highly-anticipated pick-up motortruck that Mr Musk unveiled successful 2019.

Taiwan-based Foxconn's concern is the latest currency injection into Lordstown arsenic it continues to tally astatine a loss.

Separately connected Monday, figures for the 4th to the extremity of September showed a nett nonaccomplishment of $154.4m, wider than the $95.8m nonaccomplishment the institution reported for the aforesaid clip past year.

Shares successful Lordstown roseate by astir 18% successful extended trading successful New York aft the announcements.

The woody comes arsenic Foxconn's monolithic iPhone manufacturing works successful Zhengzhou, China has been forced to run astatine a importantly reduced capacity.

Apple has warned shoppers to expect delays successful receiving its products aft a strict Covid-19 lockdown was imposed connected the territory wherever the mill is located.

Officials locked down the territory for 7 days from 2 November arsenic China continues its strict "zero Covid" policy.

"As we person done passim the Covid-19 pandemic, we are prioritising the wellness and information of the workers successful our proviso chain," Apple said successful a statement.

Foxconn said it was moving with the Henan provincial authorities "to stamp retired the pandemic and resume accumulation to its afloat capableness arsenic rapidly arsenic possible".