Apple’s biggest supplier acquires U.S. EV factory

The Taiwanese company has acquired a 4% stake in Lordstown Motors.

What you need to know

Apple’s biggest supplier has just bought an EV factory in the U.S.
Foxconn has acquired a stake in Lordstown motors and a facility in Ohio.
It could pave the way for a partnership to make Apple Car.

Apple’s biggest supplier, Foxconn, has acquired a stake in Lordstown Motors in a deal that includes the purchase of an EV factory in Ohio.

As reported by Nikkei Asia:

Foxconn has struck a deal to acquire its first electric vehicle manufacturing plant in North America, part of $280 million in deals with U.S. electric vehicle startup Lordstown Motors that also include a share purchase.

The Taiwanese tech giant said on Friday morning it will take a roughly 4% stake in Lordstown for around $50 million and also buy the American company’s manufacturing complex in Ohio for $230 million. Foxconn will produce Lordtown’s Endurance full-size pickup truck as part of the facility purchase agreement, the two companies said.

The deal includes a massive EV facility in Ohio, where Foxconn will assemble Lordstown’s first EV, a pickup truck. The report notes Foxconn will start work on the Endurance in April of 2022, followed by another EV from startup Fisker in 2023. The news is of course interesting because of Apple’s own rumored Apple Car plans, which suggest the company may look to build its own autonomous electric vehicle in a few years’ time. Previously, it has been posited that Apple will seek a partnership with an established vehicle maker, like Hyundai, to make its car. However, it has been noted Apple hopes to make its vehicle in the U.S., and its biggest manufacturing partner having an EV plant on U.S. shores would certainly pave the way for an internal partnership. Likely saving Apple a ton of money in the process.