Lordstown nears deal to sell Ohio plant to Taiwan’s Foxconn

Cash-strapped electric truck maker Lordstown Motors Corp. set to close deal to sell its highly politicized Ohio plant to the Taiwanese company Foxconn Technology Group, people familiar with the matter said.

The companies are expected to announce the pact as early as this week, said the people, who asked not to be named because the plan is not yet public. They did not disclose the value of the transaction. Lordstown Engines made an agreement with General Motors Co. in late 2019 to purchase the plant the automaker opened in 1966.