Foxconn Takes On EV Market: How Can they Ensure Success with Lordstown Motors' Acquisition?
Foxconn is making a bold move in the EV market, having recently acquired Lordstown Motors’ manufacturing facility. Chairman Young Liu has stated that electric pickups made in cooperation with Lordstown will begin shipping in the second half of this year. This could be an impressive feat if they manage to meet their goal, as other EV start-ups are also entering the market and competing for customers.
Rivian's stock took a hit last month, which may have been due to the fact that their specs can be improved upon by competitors. The Lordstown Endurance pickup has an 80mph top speed, 0-60 acceleration time, average range, and hub motors; while these features make it cheaper to manufacture, they don't necessarily make it appealing to potential buyers. Rivian's only real competition is the Toyota Tacoma, but even then there are some drawbacks such as its baby tailgate. A Jeep Gladiator 4XE would be a great alternative as it offers off road capabilities and full EV miles in the city.
In conclusion, Foxconn's acquisition of Lordstown Motors' manufacturing facility could prove to be a successful venture if they manage to deliver their electric pickups on schedule. However, they will need to ensure that their product stands out from the competition in order to attract customers. The Lordstown Endurance pickup has some features that make it cheaper to manufacture, but they may not be enough to draw in buyers. Foxconn will need to consider the competition and find ways to differentiate their product from others on the market if they want their EV venture to succeed.
What did Chairman Young Liu say in an interview?
In an interview, Chairman Young Liu said that "Electric pickups made in cooperation with Lordstown will begin shipping in the second half of this year."
What happened last November?
Last November, Lordstown Motors closed the deal to sell its manufacturing facility in Lordstown, Ohio, to Taiwanese electronics manufacturing conglomerate Foxconn. The plant went for $230 million, and Foxconn also put down another $50 million for an equity share of Lordstown Motors that opened up a joint-venture development deal for commercial EVs for North American and international markets.
What is the market for the Lordstown Endurance?
The Lordstown Endurance has an 80mph top speed, 0-60 acceleration, average range, and hub motors. Hub motors are cheap but they are heavy, hard to cool, get the snot beaten out of them, and are exposed to literally all of the elements.
What is Rivian's only potential threat?
Rivian's only potential threat is an electric Tacoma.
What would be a dream come true for preorder holders?
A midsize pickup that holds a sheet of plywood and will fit bicycles tailgate closed would be a dream come true for preorder holders.
Is it true that Rivian's only competition is Toyota?
No, it is not true that Rivian's only competition is Toyota. Other EV start-ups will eventually evolve and incorporate not only Rivian's specs, but will modify or make them better. Additionally, a 4XE Gladiator could be very compelling as it can support a larger battery than the 4door wrangler currently does.
What is wrong with Jeep?
Nothing is wrong with Jeep - many people have had Wrangler Unlimiteds for years and they have been trouble free. However, the 4XE Gladiator could be very compelling as it can support a larger battery than the 4door wrangler currently does. Additionally, the Gladiator has a longer wheelbase and more room for passengers and cargo.
What is Foxconn's plan?
Foxconn's plan is to use the Lordstown Motors facility to produce electric pickups for North American and international markets. The company plans to invest $700 million in the plant over the next four years, with production of the Endurance EV pickup beginning in the second half of 2021.
What are some of the features of the Endurance EV pickup?
The Endurance EV pickup will feature an 80mph top speed, 0-60 acceleration, average range, and hub motors. It will also have a unique design that includes a removable bed cover and a tailgate that can open up to reveal a storage area. Additionally, it will have advanced safety features such as lane-keeping assist, automatic emergency braking, and adaptive cruise control.