Foxconn Wins First SpaceX AI Server Contract Worth Estimated $52 Billion 
Deutsche Bank Says Fed Balance Sheet Cuts Could Weaken US Dollar Instead of Boosting It 
Asian Currencies Hold Steady as Middle East Tensions Boost US Dollar, Oil Concerns 
ASML Trillion-Dollar Valuation: Can Europe’s AI Chip Giant Reach the Historic Milestone? 
Samsung Eyes Up to $1.14 Billion Investment in AI Startup Mistral 
European Stocks Slip as Earnings, UK Inflation and ECB Decision Keep Investors on Edge 
Cathay Pacific Sees H1 Profit Surge on Strong Travel Demand 
Hong Kong AI Stocks Rally as Moonshot AI’s Kimi K3 Launch Boosts Market Optimism 
Alaska Air Q3 Outlook Misses Estimates as Higher Fuel Costs Weigh on Profit Forecast 
US Dollar Climbs to Weekly High as Middle East Tensions Lift Treasury Yields and Safe-Haven Demand 
India FMCG Q1 Earnings Preview: Higher Input Costs Likely to Weigh on Profit Margins 
Gold Price Jumps Near 2% Above $4,080 as Middle East Tensions Lift Safe-Haven Demand 
Germany Producer Prices Rise 1.8% in June, Missing Forecasts 
US Dollar Holds Near One-Week High as Middle East Tensions and Oil Prices Drive Market Sentiment 
Lockheed Martin Unveils Lower-Cost Patriot ACE Interceptor to Meet Rising Air Defense Demand 
Australia ASIC Tightens Auditor Oversight After KPMG Leak Scandal 
Tesla Stock Outlook: Strong EV Sales Boost Earnings, but AI Projects Drive Long-Term Value 
Electric vehicle manufacturer Lordstown Motors Corp. has filed for Chapter 11 bankruptcy, blaming Taiwan's Foxconn for fraudulent actions and unfulfilled investment commitments. The American firm has initiated legal action, further straining its relationship with its major shareholder.
Lordstown Motors said it filed for Chapter 11 bankruptcy protection on Tuesday, June 27. In its filing, it accused Foxconn of fraud and contributing to the collapse of its business by failing to fulfill its commitments, including pledges of investments.
CNN Business reported that the bankruptcy filing was made in a court in Delaware, and after this, the EV maker has taken steps to bring Foxconn to court. The company said it was forced to take this route as it was left with no other choice.
This turn of events also brought to light the company's collapsed tie-up with Foxconn, and they are separating in a bitter manner. Foxconn sent a statement to CNN in response to Lordstown Motors' move. The Taiwanese firm simply dismissed the lawsuit and said the EV maker made false comments and malicious attacks against them.
To further refute the claims, Foxconn revealed it actually tried to help Lordstown Motor with finding ways to solve its financial issues, and it has been attempting to discuss this with the company, but it did not happen.
"We remain confident that an orderly, expedited sale process will maximize value for our stakeholders and enable the talent and technology behind the Endurance to find new and supportive ownership," Lordstown Motors' chief executive officer, Edward Hightower, said in a press release.
He added, "While in Chapter 11, Lordstown will continue to support our customers. We are grateful for the Lordstown team for their commitment and dedication to our vision and to our customers, suppliers and business partners for believing in the Endurance and in the EV evolution."
Photo by: Nadkachna/Wikimedia Commons(CC BY 3.0)
