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Foxconn fully commits to Lordstown and puts its money where its mouth is
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.
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.
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.
Tesla Cybertruck’s newest trim level is nearing its first deliveries just a few months after being offered for an incredible deal.
Back in February, Tesla officially launched a new trim of the Cybertruck, the All-Wheel-Drive, starting at just $59,990. It was a lot of truck for the money, especially considering what it offered the Rear-Wheel-Drive variant for last year, which was a total flop.
The $59,990 price that was offered initially was a deal due to its 325-mile range rating, powered tonneau, three bed outlets, Powershare capability, coil springs with adaptive damping for a refined suspension feel, Steer-by-Wire and four-wheel steering, a 6′ x 4′ composite bed, towing capacity of 7,500 pounds, and a powered frunk.
Tesla is now nearing deliveries of this trim, according to watcher Sawyer Merritt, as Tesla has officially started assigning VINs to people who ordered the vehicle initially:
I can confirm that Tesla has officially started assigning VINs to people who initially ordered the $59,990 Cybertruck Dual-Motor AWD, which means first deliveries should start in the coming weeks!
• 325 mile range
• 7,500 lb towing capacity
• 0-60mph: 4.1s
• Bed with… pic.twitter.com/PQwVYbZf6j— Sawyer Merritt (@SawyerMerritt) May 24, 2026
Earlier this month, we reported on units of the trim being spotted outside Gigafactory Texas by Joe Tegtmeyer.
Tesla Giga Texas buzzing as new Cybertruck appears to enter production
This Cybertruck trim was interesting because it was released basically out of nowhere, priced incredibly well, and gathered many orders in a small amount of time. However, CEO Elon Musk noted just days afterward that the vehicle would only be priced at this bargain level for ten days.
Tesla fans were not happy.
Awful way to treat customers – particularly when they already sent out a marketing email announcing the $59,990 truck…with zero mention of it being a limited-time offer.
— Ryan McCaffrey (@DMC_Ryan) February 24, 2026
However, the issues with the pricing strategy have blown over since the February unveiling event, and now that deliveries are near, Tesla fans are anticipating the truck making its way to their driveways soon.
The truck is currently priced at $69,990, and deliveries for new orders are slated for between August and September 2026.
Tesla is shipping a new feature that silences neighborhood Supercharger complaints, prompting drivers to be aware of those who might be impacted by excessive noise nearby.
Tesla is now rolling out a new location-specific “Quiet Charging Zone” that prompts drivers to lower their vehicle’s audio volume in an effort to make things comfortable for everyone, even those who are not Tesla owners.
Another beautiful example of Tesla’s vertical integration.
Neighbors were complaining about noise and commotion at this new Supercharger in San Francisco.
So Tesla pushed a software update that asks people to turn their volume down, with a button to do it in 1 tap. Smart. pic.twitter.com/8esuliuzwr
— Whole Mars Catalog (@wholemars) May 20, 2026
This is an impactful feature that will resolve many complaints from those who are living nearby.
When a Tesla plugs into this Supercharger and its media volume exceeds a certain level, the vehicle’s central touchscreen displays a polite notification: “Could you turn the volume down? Please be mindful of our neighbors.”
Accompanying the message is a prominent “Lower” button. One tap automatically reduces the audio to a more considerate level. Physical “Quiet Charging Zone” signs posted at the station reinforce the request, creating a cohesive experience that blends digital nudges with on-site reminders.
This feature highlights Tesla’s unique advantages. Unlike traditional automakers, Tesla owns both the vehicle software and the charging infrastructure.
Engineers can detect the precise location via GPS, trigger context-aware prompts, and deploy changes fleet-wide in hours or days without recalls or dealer visits. No public release notes highlighted the change, suggesting it was a quiet, site-specific rollout designed to test effectiveness before potential expansion.
These are usually referred to as “Undocumented Changes.”
Beyond immediate noise reduction, the initiative underscores Tesla’s customer- and community-focused ethos. While EVs are inherently quieter than combustion-engine vehicles, auxiliary behaviors like loud infotainment can still create friction in dense cities. Tesla’s rapid response turns potential conflict into an opportunity to demonstrate thoughtful engineering.
As Tesla expands its Supercharger network, which is now open to other EVs in many places, features like location-based quiet modes could become standard tools for harmonious integration into neighborhoods.
Ferrari unveiled its Luce EV over the weekend, and so far, its reception has been an absolute disaster, gathering negative reactions from a wide variety of people, including former executives.
The stock even took a hit on its first day of trading following the unveiling, dropping over 7 percent at one point.
Ferrari moving to EVs from its traditional V12s and mid-engine sports cars is a massive move. It was designed by Sir Jony Ive and Marc Newsom’s LoveFrom studio, which is known for design work for tech giant Apple. “Luce” means “light” in Italian, so Ferrari drew inspiration for its name from its sleek design, characterized by a smooth, sculpted body with rounded edges.
But its reception has been far from what Ferrari expected. The overall design has drawn some harsh criticism since its reveal, and it is simply stunning that such a storied company, with a rich history of beautiful, powerful cars has revealed a design that many are not a fan of.
Ferrari unveiled its all-electric Luce over the weekend, and it has truly gotten some attention…not for the right reasons.
From an Italian legend that has built some beautiful cars in its history, this almost feels like a ploy to inevitably cancel its electric program. pic.twitter.com/rczSSb3pJx
— TESLARATI (@Teslarati) May 26, 2026
Responses to the design were widely negative, with some saying, “Enzo is rolling in his grave,” and “This looks like a Nissan LEAF with a bad body kit.”
Former Ferrari Chairman Luca di Montezemolo said:
“If I said what I really think, I’d harm Ferrari. We’re risking the destruction of a myth, I’m very sorry about that. I hope they at least remove the Prancing Horse from that car.”
🚨 Luca di Montezemolo former Ferrari chairman reacts to the new electric Ferrari Luce:
“I’ve seen the project has already been delayed more than two years. I don’t like commenting from the stands—when I was in the game, it annoyed me when people did that. I think for now the… https://t.co/TzIDxFzHso
— TESLARATI (@Teslarati) May 26, 2026
Ferrari has scaled back EV commitments in the past, primarily in response to weaker-than-expected demand for its electric powertrains.
Priced at roughly $640,000 in the U.S., it is tough to see how this car will ever truly live up to the massive expectations many had for it. It almost feels like, to a certain extent, Ferrari is looking for a way to get out of building EVs.
Tesla Cybertruck’s newest trim is nearing its first deliveries
Tesla ships new feature that silences neighborhood Supercharger complaints
