DOJ Investigates Group Linked to Reid Hoffman Over E. Jean Carroll Lawsuit Funding 
US Imposes Fresh Iran Oil Sanctions Despite Progress on Ceasefire Talks 
ECB’s Philip Lane Warns Middle East Conflict Could Keep Inflation Elevated 
Autodesk Beats Q1 Estimates, Acquires MaintainX for $3.6 Billion 
Samsung to Invest $1.5 Billion in Vietnam Semiconductor Testing Plant by 2027 
S&P 500, Nasdaq Hit Record Highs as Iran Ceasefire Talks and AI Rally Boost Markets 
Wall Street Reaches New Record Highs as AI Boom and Iran Ceasefire Hopes Boost Markets 
Wall Street Hits New Highs as U.S.-Iran Ceasefire Talks Boost Market Sentiment 
Asian Stocks Rally as AI Boom and Iran Ceasefire Progress Lift Market Sentiment 
Gold Prices Slip as Stronger Dollar and Iran Peace Talk Uncertainty Weigh on Market 
Trump Adviser’s Investment in Thrive Capital Draws Scrutiny Over Federal Contracts 
Dollar Gains Slightly as U.S.-Iran Tensions Keep Forex Markets on Edge 
Synopsys Q2 FY2026 Earnings Beat Driven by AI and Semiconductor Demand 
Oil Prices Jump After New U.S. Strikes on Iran Raise Supply Concerns 
Elon Musk Explores Possible Tesla-SpaceX Merger Amid Growing AI Investments 
U.S. Sanctions Iran’s Strait of Hormuz Authority as Global Oil Markets Face Turmoil 
Marvell Stock Rises After Record Q1 FY2027 Earnings Fueled by AI Demand 
Foxconn Ventures Pte Ltd. is acquiring a stake in Lordstown Motors Corp., and this was confirmed on Monday, Nov. 7. The Taiwanese electronics firm is investing up to $170 million in the deal.
As per Reuters, with the amount of stake that Foxconn is set to buy, it will become the largest shareholder in Lordstown Motors. The firm will acquire a total of 12.9 million shares on or after the initial closing on Nov. 22 at a purchase price of $1.76 per share. This will result in total earnings of $22.7 million and an additional 300,000 shares of Preferred Stock at the price of $100 per share, which is equivalent to the proceeds of $30 million.
Lordstown Motors will use its earnings from the stake sale to fund the development and design projects for its new electric vehicle program. It was stated in the agreement that Foxconn would also be working with the EV maker on this project.
At any rate, the $100 million direct Preferred Stock investment is replacing the joint venture funding that was announced by Foxconn and Lordstown last year. As they cancel their first JV deal, shares of Lordstown increased by seven percent to $2.06 in extended trading on Monday.
“Since announcing our first transaction with Foxconn more than a year ago, it has been our objective to develop a broad strategic partnership that leverages the capabilities of both companies,” Lordstown Motors’ executive chairman, Daniel Ninivaggi, said in a press release, “Foxconn’s latest investment is another step in that direction.”
The executive chairman added, “Our Board of Directors and management team strongly believe that deep collaboration with the Foxconn EV ecosystem, including the Mobility-in-Harmony (MIH) open-source platform, offers tremendous opportunities to meet our mutual ambition to accelerate EV adoption globally.”
Ninivaggi is looking forward to having the representatives of Foxconn onboard the company’s Board. They will also be exploring other possible businesses for future collaborations that will further deepen their partnership.
Meanwhile, Foxconn already started building Lordstown Motor's Endurance pickup trucks in September. The production began after the Taiwanese firm bought the EV maker’s production plant in Ohio.
Photo by: Lordstown Motors/YouTube
