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Foxconn fully commits to Lordstown and puts its money where its mouth is

Credit: Lordstown Motors

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Foxconn put its money where its mouth is by fully committing to Lordstown Motors with a new $170 million investment package that secures a future collaboration for a joint electric vehicle project.

After first investing in Lordstown Motors last year by purchasing its production facility in Ohio, Foxconn has continued to expand its partnership with the automaker. Foxconn’s joint partnership with Lordstown helped get the automaker’s production up and running and helped secure financial stability in the company after previous leadership failed to launch automotive manufacturing.

Foxconn made additional equity investments in Lordstown Motors totaling $170 million, the company announced last night. $100 million will go toward a newly created Series A Convertible Preferred Stock, while the additional $70 million will be used to purchase Lordstown’s common stock. With the purchase, Foxconn now holds 18.3 percent of Lordstown’s common stock on a Pro-forma basis giving them the right to designate two members of the automaker’s Board of Directors.

Foxconn will relinquish these Board positions if it does not maintain a certain level of ownership in Lordstown’s common stock, it said.

The $100 million investment for direct Preferred stock will help fund Lordstown’s “development and design activities for a new electric vehicle program in collaboration with Foxconn.” Meanwhile, the $70 million of common stock will be used to fund general corporate activities.

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The sale of 12.9 million shares of Common stock will exchange hands on November 22 at a price of $1.79 per share. This will result in initial proceeds of $22.7 million. Meanwhile, 300,000 shares of Preferred stock at a purchase price of $100 per share, yielding proceeds of $30 million.

The remaining 26.9 million shares of Common stock will be purchased at $1.76 per share but will not be finalized until the deal is reviewed by agencies such as the Committee on Foreign Investment in the United States, pending other approvals. This portion of the deal will yield $47.3 million.

The Preferred stock brings more interesting developments to the table between the two companies. Foxconn will purchase the remaining Preferred stock shares, given that Lordstown achieves EV program funding milestones agreed upon by the companies. Foxconn and Lordstown did not disclose these funding milestones.

As a result of the investments, Lordstown and Foxconn are terminating their existing joint venture involving Lordstown EV Corporation and Foxconn EV Technology, Inc.

All new project developments are expected to fall under Lordstown Motor Company.

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Daniel Ninivaggi, Lordstown’s CEO, commented on the new Foxconn investment:

“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. Foxconn’s latest investment is another step in that direction. 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. I look forward to welcoming Foxconn representatives to our Board and exploring other ways to deepen our partnership.”

Lordstown recently launched production of the Endurance all-electric pickup truck in Q3.

Disclosure: Joey Klender is not a Lordstown or Foxconn investor.

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Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on X @KlenderJoey. If you're looking for great Tesla accessories, check out shop.teslarati.com

Elon Musk

Tesla CEO Elon Musk’s $1T pay package gets candid synopsis from Jim Cramer

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(Credit: Tesla)

Tesla’s $1 trillion pay package, which it proposed to Shareholders to vote on November 6 for its CEO Elon Musk has drawn a lot of attention lately.

Among those vocalizing their thoughts and feelings about the incentive program are proxy firms, investment analysts, and retail shareholders.

However, one analyst that always seems to draw some attention, especially when it comes to things related to Tesla and Musk, is Mad Money host Jim Cramer, who routinely puts his opinions out into the public realm when it comes to the company and its CEO.

Last week, Cramer gave a short breakdown of what he thinks the company and its shareholders should do on the social media platform X. He’s gone deeper into the pay package conversation with a candid synopsis of where he stands with it.

Jim Cramer chimes in on Tesla CEO Elon Musk’s pay package

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Cramer is no slouch when it comes to breaking down companies and what their strengths and weaknesses are.

He recognizes Musk and his contributions to Tesla, especially in terms of its prowess as an automaker, an AI play, and a robotics entity. In his more lengthy breakdown of the mentality behind rewarding Musk, he writes:

“Then there’s Musk. He’s using AI to make the best full self-driving car. He’s using it to dominate the Robotaxi game, or at least try. There’s no doubt that he’s got the best self-driving alternative on a price basis…Musk has put AI to the test, and he recognized that if you could develop better and bigger, and stronger batteries, that might be the answer for our energy-starved country…”

This is essentially an echo of what he said last week, which included some of the same ideas. Musk is ultimately the right man for the job, Cramer believes, especially considering the analyst calls him one of the few CEOs who is “actually worth it,” in terms of his potentially massive payday:

“Hate him or like him, man, this guy’s real smart…I think that Musk, who says he needs to be in control so the robots don’t take over, clearly wishes he had two classes of stock so he could be like Mark Zuckerberg, who can do whatever he wants with Meta. I say, even though he didn’t start the company and therefore doesn’t have the two classes, give the man the pay package he wants. Unlike so many other CEOs, he’s actually worth it.”

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Tesla shareholders will vote on the package on November 6, but a handful of proxy firms have already noted that they will be going against it. Institutional Shareholder Services (ISS) and Glass Lewis both voted not to offer Musk this pay package.

Musk called them “corporate terrorists” last week during the company’s Q3 Earnings Call.

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Tesla makes a massive change to a Service policy that owners will love

If you have a subscription to Full Self-Driving or Premium Connectivity for 30 days, the date of its expiration is 30 days after you activate the subscription, even if the vehicle was in service.

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Credit: Tesla

Tesla has decided to update its policy on Subscriptions and Service, and owners are going to love it.

If you have a subscription to Full Self-Driving or Premium Connectivity for 30 days, the date of its expiration is 30 days after you activate the subscription, even if the vehicle was in service.

So, if your car was with Tesla Service for five days, you essentially lost those five days, as your expiration date was not adjusted to reflect the time the vehicle was unusable.

Loaners that Tesla gives owners are usually equipped with perks like Full Self-Driving and Premium Connectivity, so your subscription does not roll over to another vehicle.

Tesla launches new loaner program that owners will love

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However, Tesla has decided to revise that policy in an effort to give owners full access to the subscriptions they paid for. It requires Service visits to be longer than one day.

In a communication to an owner who was having their vehicle serviced, Tesla said:

“A loaner vehicle may be available during your appointment (pending availability) – please check the app closer to your appointment for the latest updates and access details. If your repair requires more than one business day, any active subscriptions or free trials will be extended accordingly.”

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The move is a good one from a customer service standpoint, especially considering the loss of even a few days of a 30-day subscription to something like Full Self-Driving, which costs $99 per month, can be frustrating.

Tesla’s choice to extend the subscription duration for the length of the service visit is a good-faith move that customers will appreciate.

While this adjustment is not directly related to Service, many customers will relate it to that. It’s yet another move Tesla has made in 2025 to make its Service experience better for customers.

It is also offering more options to communicate with Service advisors during and after cars are repaired, which can help streamline the entire visit from start to finish.

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SpaceX reaches incredible Starlink milestone

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Credit: SpaceX

SpaceX has reached an incredible milestone with its Starlink program, officially surpassing 10,000 satellites launched into low Earth orbit since starting the program back in 2019.

Last Sunday, October 19, SpaceX launched its 131st and 132nd Falcon 9 missions of 2025, one from Cape Canaveral, Florida, and the other from Vandenberg, California.

The 10,000th Starlink satellite was aboard the launch from California, which was Starlink 11-19, and held 28 v2 mini optimized satellites.

The achievement was marked by a satellite tracker developed by Jonathan McDowell.

The first Starlink launch was all the way back on May 23, 2019, as SpaceX launched its first 60 satellites from Cape Canaveral using a Falcon 9 rocket.

Of the over 10,000 satellites in orbit, the tracker says 8,608 are operational, as some are intentionally de-orbited after becoming faulty and destroyed in the atmosphere.

SpaceX has truly done some really incredible things during its development of the Starlink program, including launch coverage in a global setting, bringing along millions of active subscribers that use the service for personal and business use, locking up commercial partnerships, and more.

Starlink currently operates in around 150 countries, territories, and markets and is available at least somewhere on all seven continents.

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Additionally, Starlink has over 5 million subscribers worldwide, and 2.7 million have joined the program over the past year. It has revolutionized internet access on commercial aircraft as well, as several high-profile airlines like Qatar and United, among many others, have already installed Starlink on some of their planes to deliver more stable connectivity for passengers and crew.

SpaceX has the approval to launch 12,000 Starlink satellites from the FAA, but it plans to bring over 30,000 to its constellation, giving anyone the ability to have access to high-speed internet.

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