Lordstown Motors and Foxconn being Endurance EV Production

Lordstown Motors and Foxconn being Endurance EV Production

The joint venture is called MIH EV Design LLC and is 55% owned by Foxconn and 45% by LMC. Foxconn put $55  million into the joint venture plus a $45 million on loan to Lordstown.

Vehicles developed by MIH EV Design would be built for North America at the Lordstown plant, and at other Foxconn contract-manufacturing locations around the world. The objective is for OEM users of Foxconn’s flexible MIH platform, manufacturing footprint, and supply chain to achieve production scale at lower volumes and with a shorter time to market.

The joint venture aims to provide LMC with a scalable vehicle development platform in North America, accelerating EV development, reducing product development costs, and increasing LMC’s product portfolio. Foxconn will also build EVs for Fisker at the Ohio factory. Foxconn has its own “Foxtron”-branded prototype EVs, including a city bus, and has held talks with Saudi Arabia about making EVs there. This Joint Venture will enable Foxconn to work in the endurance vehicle segment.

The production volume of the Endurance pickup will ramp slowly, with a slight crescendo in November and December, because of those pesky supply chain constraints, according to a statement from Lordstown. Very slowly, it seems. So far, two commercial release production vehicles have rolled off Foxconn’s production line, with the third “expected to be completed shortly.” Three almost down, 47 to go — Lordstown intends to deliver about 50 units to customers beginning in the fourth quarter, and the rest of the first batch of 500 units in the first half of 2023, if it can raise more money.