October 2, 2022

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Electric vehicle startup Lordstown Motors names new CEO following Foxconn deal

Signage exterior Lordstown Motors Corp. headquarters in Lordstown, Ohio, on Saturday, Could 15, 2021.

Dustin Franz | Bloomberg | Getty Visuals

Electric powered car or truck startup Lordstown Motors explained Tuesday that its president, Edward Hightower, will be its new CEO, helpful right away. He succeeds Daniel Ninivaggi, who moves into a strategic part as the company’s govt chairman.

Hightower, a veteran engineer with earlier practical experience at Ford Motor and General Motors, will continue on to direct the company’s joint enterprise with Taiwanese deal company Foxconn, which acquired Lordstown’s Ohio manufacturing unit for $230 million in May perhaps. The joint undertaking programs to design and style and establish EVs, which will be manufactured by Foxconn.

“With above 30 years of automotive expertise and having made substantial contributions to the Endurance start planning and Foxconn transactions, Edward is the perfect human being to lead the business and start our merchandise enhancement initiatives with Foxconn,” Ninivaggi said in a statement.¬†

Ninivaggi joined Lordstown in August 2021 soon after the company’s founder, Steve Burns, was forced out amid allegations that he had misled traders. Ninivaggi is credited with foremost an overhaul of Lordstown’s manufacturing system for the Stamina, an electric powered pickup truck, and with engineering the sale of its manufacturing facility to Foxconn in trade for substantially-desired funds. He will target on “company approach, strategic partnerships, and capital boosting” in his new job, the firm claimed.

Lordstown’s shares had been up more than 3% in premarket investing after the announcement.