Rhodes Town — “Foxconn officially owns the Rosetown car factory.” May 24th. “Monarch Tractor Lands at Foxconn” August 10. “All Hubs: YSU, Foxconn Sign Deal” October 27th.
These alerted readers to news about Foxconn, the Taiwanese company that now owns/operates the former General Motors assembly plant, where the tech and electronics giant has huge plans to produce electric vehicles in 2022. Three of the many headlines inside.
It wasn’t until November 2021 that Foxconn and Lordstown Motors Corp. announced that a definitive asset purchase agreement had been signed for the factory, a contract manufacturing agreement and a joint EV development agreement for Lordstown Motors’ first vehicle, the Endurance truck. Negotiations on the matter took several years. Moon.
The deal closed in May when Foxconn formally bought the factory for $230 million and began transforming its capabilities as a mass producer of electric vehicles.
Just a few months later, Foxconn announced a manufacturing contract with Monarch Tractor to build the MK-V Series tractors, the company’s battery-powered driverless tractors based in Livermore, California.
Monarch’s decision to partner with Foxconn boils down to the Foxconn team’s automotive pedigree, electrification and Foxconn’s experience in electronics, said Marc Schwager, co-founder and president of Monarch Tractors. .
“Combining automotive, electrification and electronics was a big deal for us.” Schwager said. “We really only found it here — a tremendously talented team overall.”
Production is scheduled to start in 2023.
That announcement in August was followed in October by news that Foxconn and Los Angeles-based INDIEV had agreed on a prototype for electric vehicle startup INDI One with Foxconn. In-vehicle computer.
“The future of the car is no longer horsepower. No longer 0 to 60. Nobody cares how the engine sounds. It’s a pain for a car geek like me who always wants to rev up the engine.” But it is a reality.” Rick Rajaie, Vice President of Operations, Foxconn North America, said: “Successful companies in the automotive space are those who understand the voice of the next generation customer: connectivity, communications, cloud-based services, software-driven applications and user interfaces.”
Under that agreement, the two companies expressed an interest in finalizing a contract manufacturing agreement that would allow Foxconn to mass-produce the vehicle.
Also in October, Foxconn and Youngstown State University announced their intention to partner to design and launch an electric vehicle workforce training and innovation center. This is at the heart of plans to make Mahoning Valley a national hub for EV excellence.
The center will help the emerging EV industry build and expand a sustainable workforce around advanced manufacturing, energy storage and other integrated technology solutions such as artificial intelligence, 5G and cybersecurity.
Roadstown, possibly planned for Foxconn’s automotive campus.
Then, in November, Foxconn agreed to invest up to $170 million in Lordstown Motors. On November 22nd, the first round of equity investment closed as planned. Worth about $52.7 million, Rosetown Motors will use it to run the company and launch a new EV development program with Foxconn.
“Since we announced our first deal with Foxconn over a year ago, it has been our goal to forge a broad strategic partnership that leverages the capabilities of both companies. It’s another step towards Rosetown Motors Executive Chairman Daniel Ninivagi said:
EV development programs replace joint ventures to jointly design electric vehicles.