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Electric vehicle manufacturer Lordstown Motors Corp. has filed for Chapter 11 bankruptcy, blaming Taiwan's Foxconn for fraudulent actions and unfulfilled investment commitments. The American firm has initiated legal action, further straining its relationship with its major shareholder.
Lordstown Motors said it filed for Chapter 11 bankruptcy protection on Tuesday, June 27. In its filing, it accused Foxconn of fraud and contributing to the collapse of its business by failing to fulfill its commitments, including pledges of investments.
CNN Business reported that the bankruptcy filing was made in a court in Delaware, and after this, the EV maker has taken steps to bring Foxconn to court. The company said it was forced to take this route as it was left with no other choice.
This turn of events also brought to light the company's collapsed tie-up with Foxconn, and they are separating in a bitter manner. Foxconn sent a statement to CNN in response to Lordstown Motors' move. The Taiwanese firm simply dismissed the lawsuit and said the EV maker made false comments and malicious attacks against them.
To further refute the claims, Foxconn revealed it actually tried to help Lordstown Motor with finding ways to solve its financial issues, and it has been attempting to discuss this with the company, but it did not happen.
"We remain confident that an orderly, expedited sale process will maximize value for our stakeholders and enable the talent and technology behind the Endurance to find new and supportive ownership," Lordstown Motors' chief executive officer, Edward Hightower, said in a press release.
He added, "While in Chapter 11, Lordstown will continue to support our customers. We are grateful for the Lordstown team for their commitment and dedication to our vision and to our customers, suppliers and business partners for believing in the Endurance and in the EV evolution."
Photo by: Nadkachna/Wikimedia Commons(CC BY 3.0)
