Foxconn Technology Group will invest $ 170 million (about S $ 238 million) to purchase the shares of LordStownmotors, an American electric vehicle manufacturer.NotBloomberg and Wall Street Journal reported on Tuesday (November 8) that LordStown Automobile Company agreed to sell a large number of shares and gave the two board seats for the manufacturer Foxconn Technology Group, which replaced the previous electric vehicle production arrangements with new transactions.NotOn Monday's announcement, Foxconn will buy LordStown's preferred shares and 18.3 % of ordinary shares, thereby investing as much as $ 170 million.The transaction also requires the review of the US Foreign Investment Commission (CFIUS).NotIt will deepen the relationship between the two companies and let Foxconn get a greater voting right in the next two years.NotYou can acquire 9.9 % LordStown shares without getting CFIUS censorship; exceeding this proportion, you must be reviewed.Assuming that the transaction is approved, Foxconn may have a maximum of 19.9 % of ordinary voting rights.
Chairman Dan Ninivggi pointed out that even if Foxconn purchases more stocks, it cannot exceed the voting right.NotEarlier this year, the acquisition of LordStown in the Ohio factory was completed.NotLordStown is trying to increase the output of its first model Endurance.NotFoxconn and LordStown said that the two parties will jointly develop their first electric vehicles, but will not provide further details about the project.
