Electric vehicle maker Lordstown Motors on Tuesday filed for bankruptcy protection and said it's suing former partner Foxconn.
Electric vehicle maker Lordstown Motors on Tuesday filed for bankruptcy protection and said it’s suing former partner Foxconn.
Lordstown shares RIDE fell 46% in premarket trade, after ending Monday at $2.76, down... Electric vehicle maker Lordstown Motors on Tuesday filed for bankruptcy protection and said it’s suing former partner Foxconn. Lordstown shares RIDE fell 46% in premarket trade, after ending Monday at $2.76, down 7%. Lordstown shares have slumped 90% from its 52-week high.
“As the lawsuit describes, Foxconn simply used its variety of contractual arrangements with the Company as a tool to maliciously and in bad faith destroy Lordstown’s business—while leveraging resources gained through the partnership to advance its own business interests,” the company said.
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