For electric vehicle maker Lordstown Motors (NASDAQ:RIDE), most news has not been good lately. However, the company shot up 14.6% in pre-market trading on Tuesday. Those gains expanded in early trading, at one point reaching double that figure at over 29%. However, the stock is now slightly down on the day. While Lordstown also released Q3-2022 results today, the main reason for the initial surge is likely connected to a big new investor. Foxconn announced that it would spend as much as $170 million on Lordstown shares. This would make Foxconn Lordstown's largest shareholder, reports noted, owning 18% of the company outright.
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Lordstown Motors (NASDAQ:RIDE)
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