Lordstown Motor has filed for bankruptcy.
The electric vehicle startup Lordstown Motors is filing for bankruptcy and suing Foxconn, one of Apple’s top iPhone manufacturers, after a deal between the two companies fell through. In, Lordstown Motors claims Foxconn’s “fraud and willful and consistent failure to live up to its commercial and financial commitments” led to “material damage” to the EV company.
Lordstown blames Foxconn for the bankruptcy filing, alleging that the Apple supplier “had no intention of living up to its commitments.” It also claims Foxconn used its agreements with the company “to maliciously and in bad faith destroy Lordstown’s business — while leveraging resources gained through the partnership to advance its own business interests.
Lordstown says it will go through a restructuring process that involves an auction of its assets, including the rights to its Endurance EV platform.
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