CNBC: Lordstown Motors files for bankruptcy, sues Foxconn over $170 million funding deal

CNBC reports:

Struggling electric-truck maker Lordstown Motors filed for Chapter 11 bankruptcy protection Tuesday and said that it would put itself up for sale amid an ongoing dispute over investments that had been promised by Taiwanese manufacturer Foxconn.

Shares were down more than 60% in premarket trading following the news.

Simultaneously with its bankruptcy filing, Lordstown filed a suit against Foxconn. The company accused Foxconn of fraud and of failing to abide by an agreement that called for the Taiwan-based firm to invest up to $170 million in Lordstown, and for the two to work together on a range of new electric vehicles…

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