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John Rosevear, Motley Fool's senior car analyst, shared a video months ago on Twitter showing a "team" of three $RIDE employees putting together a battery pack. Shortly thereafter, the CEO and CFO resigned. Only one employee had on safety glasses. None wore hard hats. The table where they were doing assembly had no high-tech tools, but looked like a work area you find in a Junior Achievements class.

This was back when $WKHS and $RIDE were experiencing big stock market gains through wallstreetbets and Rosevear warned better minds to get the hell out of both before the bottoms fell out on both - which they did:

https://electrek.co/2021/10/01/lordstown-sells-ohio-factory-...

Here are the main points of the deal:

* Lordstown Motors and Foxconn will use commercially reasonable best efforts to negotiate a definitive agreement pursuant to which Foxconn would purchase the Lordstown facility, excluding Lordstown Motors’ hub motor assembly line, battery module and packing line assets, certain intellectual property rights and other excluded assets, for $230 million.

* Both entities would also negotiate a contract manufacturing agreement, which would be a condition to closing of the facility purchase, whereby Foxconn would manufacture Lordstown Motors’ Endurance full-size pickup truck at its Lordstown facility. Lordstown Motors would also agree to provide Foxconn with certain rights with respect to future vehicle programs.

* Concurrently with the closing under the definitive agreements, Lordstown Motors would issue warrants to Foxconn that are exercisable until the third anniversary of the closing for 1.7 million shares of common stock at an exercise price of $10.50 per share.

* The parties have agreed to explore licensing arrangements for additional pickup truck programs.

* Following the closing under the definitive agreements, Lordstown Motors would enter into a long-term lease for a portion of the existing facility for its Ohio-based employees, and Foxconn would offer employment to agreed upon Lordstown operational and manufacturing employees.



My note: $WKHS, which was banking on a huge USPS order for EV vans and who lost that contract to of all companies, Oshkosh, for ICE vans, sold its patents and designs for the Endurance pickup truck to the Lordstown Group founded by ex-CEO of Workhorse, Steve Burns. Workhorse kept their van designs to themselves. In return, $WKHS received 10% ownership in $RIDE. In July, Burns resigned in disgrace from $RIDE when it was found he and his CFO (who also resigned) had made up "orders" for their yet to be assembled trucks. Also, on 2 AUG 21, the latest CEO of $WKHS resigned.

I would not invest a single dollar in either project, $RIDE or $WKHS. (Luckily, I traded in and out of $WKHS several times and made $$$.)

It will be interesting to see if there is fallout for Foxconn which abandoned a huge $10 Billion project up in Wisconsin, embarrassing the Trump Administration's claims that they were bringing back high paying jobs to America:


https://www.cnbc.com/2021/04/21/foxconn-mostly-abandons-10-b...
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