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

CTOnews.com, June 28 (Xinhua) after a long war of words with major shareholder Hon Hai, Lordstown Motors, a new force in American car building, filed for bankruptcy protection in Delaware on Monday. At the same time, the company sued Hon Hai, accusing it of fraud and repeatedly reneging on its previous agreement to invest up to $170 million (CTOnews.com Note: about 1.227 billion yuan) in the company.

▲ source: Lordstown Motors, Lordstown Motors has been trying to mislead the public and is unwilling to implement the terms of the investment agreement between the two parties in accordance with the agreement, Hon Hai said in a statement yesterday. During this period, Hon Hai has been holding a positive attitude in constructive consultation with Lordstown Motors in an attempt to help it solve the financial difficulties in its operation.

CTOnews.com noted that Hon Hai pointed out in the statement that it had hoped to continue relevant discussions with Lordstown Motors and reach a solution satisfactory to all stakeholders, rather than taking groundless legal action as it is now, but so far, the two sides have not reached a consensus on the issue. Hon Hai said it would suspend follow-up goodwill negotiations.

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