iPhone maker Foxconn becomes biggest investor in Lordstown Motors and unveils 'build your own EV' model - Proactive Investors USA

Foxconn, 1 of the starring makers of iPhones for Apple, has taken different measurement successful expanding its nascent electrical conveyance (EV) ambitions by investing up to US$170mln (£147.8m) successful US electrical motortruck developer Lordstown Motors Corp and unveiling a caller 'build your ain EV' model. 

Lordstown connected Tuesday reported its third-quarter net and said it has started commercialized accumulation of its archetypal vehicle, the Endurance pickup motortruck - which volition beryllium up against Tesla's Cybertruck - astatine the Foxconn Ohio assembly works "at a precise dilatory rate".

Taiwan-based Foxconn is providing lifting its involvement successful Lordstown up to 18% aft past period mounting retired the ambition to turn its EV concern to the constituent wherever it makes 40-45% of planetary production. 

For Lordstown the funds travel as it looks to ramp up accumulation of the Endurance astatine the Foxconn plant, with 12 of the archetypal batch of up to 500 units made truthful far.

A total of 30 are expected to person been made by the extremity of 2022 with the remainder built successful the archetypal fractional of 2023.

First deliveries are intended to beryllium made successful the existent quarter, taxable to "full homologation and required certification" that is expected successful the coming weeks.

The US institution said it is seeking partnerships with different car manufacturers to standard up the Endurance roll-out and that 'pre-development work' has begun connected its adjacent conveyance successful collaboration with "the Foxconn ecosystem", including the MIH consortium.

Lordstown is targeting twelvemonth extremity currency and short-term investments of US$150-165mln, including the Foxconn archetypal investment, and excluding contingent liabilities and different financings.

Foxconn, which launched its EV concern successful 2019 and successful 2020 led the founding of the MIH unfastened platform with suppliers to make associated bundle and hardware platforms, announced a timeline for the MIH's caller 'Project X' conveyance built utilizing the unfastened level that it says volition "lower the introduction obstruction for companies entering the electric conveyance marketplace to customize vehicles based connected their needs".

The Project X timeline and exterior plan is expected to nutrient a three-seater demo car utilizing the BYOV (build your ain vehicle) exemplary by the extremity of 2023 

Foxconn said the modular design attack and standardized interfaces means innovative products tin beryllium introduced "in little clip and cost, fulfilling the needs of antithetic audiences and enabling caller concern models for car sharing companies, mobility work providers, fleet operators, logistics work providers, and caller EV brands".

Jack Cheng, CEO of the consortium said: “Project X is simply a objection of a caller EV level for the ecosystem. We’re not lone making cars but besides enabling the instauration of much lifestyles.

“Thinking beyond the vehicles of contiguous and by adopting the latest technologies specified arsenic artificial intelligence, autonomous driving, and Web3, this conveyance level tin make shared mobility, integer wellness attraction successful a post-pandemic society, entertainment, and different aboriginal applications unimaginable today. Project X’s extremity is to make the world’s astir iconic unfastened EV level for the innovators, by the innovators.”