Electrical car startup Lordstown Motors names new CEO following Foxconn deal

Electric vehicle startup Lordstown Motors stated Tuesday that its president, Edward Hightower, will likely be its new CEO, efficient instantly. He succeeds Daniel Ninivaggi, who strikes right into a strategic position as the corporate’s government chairman.

Hightower, a veteran engineer with previous expertise at Ford Motor and General Motors, will proceed to steer the corporate’s three way partnership with Taiwanese contract producer Foxconn, which purchased Lordstown’s Ohio manufacturing unit for $230 million in Might. The three way partnership plans to design and develop EVs, which will likely be manufactured by Foxconn.

“With over 30 years of automotive expertise and having made important contributions to the Endurance launch preparation and Foxconn transactions, Edward is the proper particular person to steer the corporate and launch our product growth efforts with Foxconn,” Ninivaggi stated in an announcement. 

Ninivaggi joined Lordstown in August 2021 after the corporate’s founder, Steve Burns, was compelled out amid allegations that he had misled traders. Ninivaggi is credited with main an overhaul of Lordstown’s manufacturing plan for the Endurance, an electrical pickup truck, and with engineering the sale of its factory to Foxconn in change for much-needed capital. He’ll give attention to “company technique, strategic partnerships, and capital elevating” in his new position, the corporate stated.

Lordstown’s shares had been up greater than 3% in premarket buying and selling after the announcement.