Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens Wu Yanzu in South China for the delivery of clues! CTOnews.com, June 27 (Xinhua)-- Hon Hai filed a lawsuit against Hon Hai after its US electric vehicle partner Lordstown filed for bankruptcy protection today, Reuters reported.

▲ Touyuan: Lordstown, according to the same report below, Lordstown accused Hon Hai of fraud and repeatedly broke its promise and failed to fulfill its agreement to invest US $170 million in Lordstown (CTOnews.com Note: currently about 1.231 billion yuan). CTOnews.com noted that Hon Hai had previously invested $52.7 million in Lordstown (currently about 382 million yuan) and currently owns about 8.4 per cent of Lordstown.

Lordstown's first batch of 500 electric pickups were recalled and stopped production because of parts quality problems, and the company's share price remained depressed. Hon Hai said Lordstown shares were trading below $1 a share, violating the investment agreement and suspending investment in the company. As of press time, Hon Hai did not respond to the legal dispute with Lordstown.

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