The objective of this business plan is to provide a faster concept-to-production cycle for smaller automakers. The MIH platform will be highly flexible and can be used for several applications.
“Lordstown Motors’ strong engineering and product development capabilities globally provide LMC a scalable vehicle development platform in North America, accelerating EV development, reducing product development costs, and increasing the breadth of LMC’s product portfolio over time,” Lordstown said in a statement.
“The closing of the Foxconn APA and the completion of a joint venture agreement for the development of new electric vehicles using Foxconn’s MIH platform are important milestones for LMC,” said Daniel Ninivaggi, CEO of Lordstown Motors. “Our strategic partnership with Foxconn provides LMC with a flexible and less capital-intensive business model, access to broad supply chain and software capabilities, and an effective vehicle development platform to bring EVs to market faster and more efficiently. I have always been a strong believer in what Foxconn is doing to accelerate the adoption of electric vehicles, and we are proud to be their partner.”
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