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INDI EV bankruptcy won’t impact Foxconn Ohio

LORDSTOWN — This week’s bankruptcy filing by INDI EV Inc., a Southern California-based electric-vehicle startup that had formed a relationship with Foxconn, won’t affect the Taiwanese tech giant’s “business and manufacturing operations in Ohio,” the company said.

Nor will it impact Foxconn’s “continued efforts to find additional customers,” the company said.

INDI EV filed for Chapter 11 protection in U.S. bankruptcy court in California, citing estimated assets of $2.8 million and liabilities of $26.4 million, according to the filing Monday.

It was in October 2022 that INDI EV and Foxconn jointly debuted INDI EV’s first offering, the INDI One — billed as a car capable of high-speed online gaming and streaming through a super-powered vehicle-integrated computer — during an event at Foxconn’s EV assembly plant in Lordstown.

The reveal followed an announcement a week earlier the companies had an agreement for Foxconn to produce prototypes of the INDI One in Lordstown. It was part of a memorandum of understanding, in which the companies expressed joint interest in finalizing a contract manufacturing agreement for Foxconn to mass produce the INDI One.

Foxconn also was to produce the batteries for the preproduction version of the INDI One and standalone batteries that were going to be used for research and development and engineering development purposes.

Officials from neither company at the time would say how many prototype vehicles would be made in Lordstown.

In June, however, INDI EV and Malacca Straights Acquisition Company Limited, announced they mutually agreed to end a merger agreement that valued the new company at $600 million. The merger would have taken INDI EV public. Malacca Straights ultimately liquidated its assets.

Foxconn said Thursday that INDI EV’s bankruptcy won’t impact operations in Ohio at the factory, the former General Motors small-car assembly plant.

“Our facility and team in Ohio remain an asset to (our) company to respond to the market demand of either startup or traditional automobile manufacturers who want to see their electric vehicle brought to market,” the company said in a statement.

Foxconn has a contract manufacturing agreement to produce Livermore, California-based Monarch’s MK-V tractor, a battery-powered, driver-optional farm tractor. The companies debuted the tractor at the plant in April.

Meanwhile, Fisker Inc., also based in California, plans to have its PEAR (Personal Electric Automotive Revolution) sporty crossover made in Lordstown. Fisker Inc. and Foxconn, however, do not have a formal manufacturing contract agreement in place.

A release in September from the company states manufacturing and deliveries of the PEAR are expected to begin in July 2025.

Foxconn had an agreement with Lordstown Motors Corp., the company from which Foxconn acquired the assembly plant, but the relationship turned adversarial over a dispute involving investment funding. Lordstown Motors in June filed for Chapter 11 protection and sued Foxconn at the same time, claiming fraud and bad faith led to the bankruptcy.

Foxconn unsuccessfully attempted to have the Chapter 11 case dismissed or converted to Chapter 7 liquidation, and has denied the claims made by Lordstown Motors in the adversary case.

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