Signage out of doors Lordstown Motors Corp. headquarters in Lordstown, Ohio, on Saturday, Would possibly 15, 2021.
Dustin Franz | Bloomberg | Getty Pictures
Electrical automobile startup Lordstown Motors stated Tuesday that its president, Edward Hightower, will probably be its new CEO, efficient instantly. He replaces Daniel Ninivaggi, who strikes right into a strategic function as the corporate’s government chairman.
Hightower, a veteran engineer with previous enjoy at Ford Motor and Common Motors, will proceed to guide the corporate’s three way partnership with Taiwanese contract producer Foxconn, which purchased Lordstown’s Ohio manufacturing unit for $230 million in Would possibly. The three way partnership plans to design and expand EVs, which will probably be manufactured via Foxconn.
“With over 30 years of automobile enjoy and having made vital contributions to the Staying power release preparation and Foxconn transactions, Edward is the very best individual to guide the corporate and release our product construction efforts with Foxconn,” Ninivaggi stated in a commentary.
Ninivaggi joined Lordstown in August of 2021 after the corporate’s founder, Steve Burns, was once compelled out amid allegations that he had misled traders. Ninivaggi is credited with main an overhaul of Lordstown’s manufacturing plan for the Staying power, an electrical pickup truck, and with engineering the sale of its manufacturing unit to Foxconn in alternate for much-needed capital. He’ll focal point on “company technique, strategic partnerships, and capital elevating” in his new function, the corporate stated.
Lordstown’s stocks had been up about 4% in premarket buying and selling following the announcement.
