Lordstown Motors receives investment from Foxconn as it preps to deliver on endurance truck

Foxconn will reportedly invest $170 million in Lordstown Motors, which is planning to deliver its first Endurance truck this year.

Video Transcript

SEANA SMITH: All right, my play today is Lordstown Motors. It's the top turning ticker on Yahoo Finance. The stock jumping on two big drivers-- one, a partnership with Foxconn and production optimism. Now Lordstown confirming that it's on track to deliver its first endurance vehicles by the end of the year. That's helping to overshadow a widening loss that the company reported in its third quarter results.

The other big piece of news that Foxconn is furthering its ties with the EV maker, taking an 18% stake in the company, as well as two board seats. Shares up nearly 30% at the highs of the day, paring some of those earlier gains. But Dave, when you take a look at Lordstown Motors, the performance of that stock-- we have it on the screen here over the last couple of months-- year to date, the picture is very, very bleak. The company clearly needs to do something. Maybe this partnership with Foxconn at least a step in the right direction.

DAVE BRIGGS: Yeah, the Endurance is the pickup that they've been working on. And the numbers tell you, you have to really endure some pain as an investor. You know how many they've made today? 12. 12 pickups.

SEANA SMITH: Not that impressive.

DAVE BRIGGS: They're angling for 30 by year end, and somehow, 500 by the end of next year. That seems entirely unattainable, considering they've made 12 to date.