Lordstown Motors tumbles after filing for bankruptcy

Nu Ride

27/06/2023 09:44

** Shares of EV maker Lordstown Motors  RIDE.O  fall 44% to
$1.55 premarket
    ** RIDE filed for bankruptcy protection and put itself up
for sale after the U.S. electric truck manufacturer failed to
resolve a dispute over a promised investment from Taiwan company
Foxconn  2317.TW  
    ** RIDE accused Foxconn of fraudulent conduct and a series
of broken promises in failing to abide by an agreement to invest
up to $170 mln in the company
    ** Stock is down ~85% since late February, when it had
paused production of its Endurance pickup truck

 (Reporting by Chavi Mehta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com;))