Lordstown Motors files for bankruptcy and sues Foxconn
US electric truck maker Lordstown Motors filed for bankruptcy Tuesday and was put up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn.Lordstown shares fell 35% while trading on the Nasdaq. The company's bankruptcy is not the first among the crop of EV startups to go public during the pandemic era. spac pen. But Lordstown was a high-profile member of that class because he was challenging the core of Detroit's legacy automakers' high-margin pickup truck business, and because of its location.“Lordstown's bankruptcy signals that the days of successful EV startups are in the rear…
