LORDSTOWN – Lordstown Motors Corp. and Hon Hai Technology Group, also known as Foxconn, have finalized deal that has the Taiwanese tech giant buying the electric-vehicle startup’s factory for $230 million.

According to a release this afternoon, Foxconn has agreed to make a down payment of the purchase price of $100 million by Nov. 18, and subsequent down payments of $50 million on each of Feb. 1 and no later than April 15, 2022. The balance of the purchase price will be paid at closing.

The parties have agreed to pursue a contract manufacturing agreement for the Endurance pickup truck, which must be entered into before closing – currently targeted by April 30.

Also, Lordstown Motors and Foxconn will pursue a joint venture agreement to co-design and develop vehicle programs for the global commercial fleet market, using the MIH open platform. Lordstown and Foxconn would have the right to commercialize these new EV programs in North America and internationally.

Upon the closing, Foxconn will receive 1.7 million warrants to acquire Lordstown common stock, exercisable for three years, at a price of $10.50 per share.

The closing of the transactions contemplated by the asset purchase agreement is subject to closing conditions, including entry into the contract manufacturing agreement, regulatory approvals and other customary closing conditions.

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