Lordstown Motors announced Tuesday morning that it is filing for Chapter 11 bankruptcy in an effort to "maximize the value" of its assets.
"As one of the early entrants to the EV industry, we have delivered the Endurance, an innovative and highly-capable EV with significant commercial and retail potential — and had subsequently engaged with Foxconn in a purposeful, strategic partnership to leverage this expertise into a broader EV development platform," Lordstown CEO Edward Hightower said in a statement.
Then-President Trump speaks alongside former Lordstown Motors CEO Steve Burns at the White House on Sept. 28, 2020. Lordstown Motors was repeatedly touted by the Trump administration as a success. In September 2020, Trump hosted the company
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