Shares of Lordstown Motors Corp. RIDE rallied more than 20% in the extended session Wednesday after the electric-vehicle maker cemented a deal to sell its plant to Foxconn for $230 million, providing Lordstown with much needed cash and giving the Taiwanese electronics contract maker a toehold in commercial EVs.

Foxconn TW:2354, also known as Hon Hai Technology Group, makes a plethora of electronics for tech companies, including Apple Inc.’s AAPL iPhone, and has a deal to make passenger EVs with Fisker Inc. FSR.

Foxconn…

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