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Lordstown Stock Gains After Striking a Deal With Foxconn. It Really Needed the Cash.

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Electric vehicle start-up Lordstown Motors needs cash and iPhone assembler Foxconn wants to enter the car business, so the two struck a win-win deal.

Late Thursday, Lordstown (ticker: RIDE) and Hon Hai Precision Industry (2317.Taiwan)—better known as Foxconn—announced an “agreement in principle.” Lordstown will sell its plant and then pay Foxconn to assemble electric vehicles.

Foxconn…


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