Foxconn, a contract manufacturer for electronics, agreed to invest $170m in Lordstown Motors, an original equipment manufacturer of electric vehicles focused on the commercial fleet market. Lordstown Motors will use the proceeds to fund development and design activities for a new electric vehicle program in collaboration with Foxconn. "Over the last year, the LMC and Foxconn teams have worked collaboratively to bring the Endurance into commercial production, despite numerous external challenges. We acknowledge and appreciate the confidence in our team that is shown by this investment. The combination of LMC’s experienced vehicle development team, Foxconn’s growing EV ecosystem, the MIH platform, and our asset-light business model will allow us to bring great EVs to market faster and more efficiently," Edward Hightower, LMC CEO and President.