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Foxconn Technology Group, the world’s biggest contract manufacturer for electronics, is deepening its investment in Lordstown Motors Corp., a once-troubled EV startup that recently began building its first all-electric pickup truck at a former General Motors Co. plant in Ohio.
The two companies said Monday that Taipei-based Foxconn
2354,
plans to spend $170 million to buy both common stock and newly created preferred shares, providing Lordstown Motors
RIDE,
with a fresh injection of capital as it works to increase production of its debut model, the Endurance.
