After emerging from bankruptcy, Lordstown Motors is now known as Nu Ride Inc. and is focusing on continuing its lawsuit against Foxconn, accusing the iPhone-maker of “destroying the business of an American startup.”
The company recently announced in a regulatory filing that it has successfully implemented a Chapter 11 restructuring plan approved by the Delaware Bankruptcy court. This makes Lordstown Motors one of the few EV startups to survive the bankruptcy process, although in a significantly diminished state. Other startups like Electric Last Mile Solutions and IndiEV have faced liquidation or bankruptcy as well.
Under its new name, Nu Ride Inc. will also explore potential mergers and business combinations. The company has sold its former factory to Foxconn and its electric pickup truck assets to founder Steve Burns.
With a new board of directors and executives, Nu Ride will now trade on the over-the-counter markets as “NRDE.” The company is also facing federal investigations and multiple lawsuits, including one from the Securities and Exchange Commission for misleading investors.
Foxconn, now operating the factory once owned by Lordstown, faced challenges in its contract manufacturing for American EVs. Despite building a few electric pickup trucks for Lordstown, the partnership ultimately failed as both Lordstown and IndiEV filed for bankruptcy. Foxconn’s focus has shifted to producing tractors for Monarch in its Ohio factory.
