LORDSTOWN, Ohio -  Lordstown Motors' stock value rose Thursday morning following a report that the company is nearing an agreement on a deal to sell its plant to a Taiwanese group known as one of the prime assemblers of iPhones.

Eight minutes after the start of trading, RIDE shares were selling for $8.87.  The stock closed at $7.36 the previous day.

The current value of RIDE stock contrasts with a high of $31.57 on February 11 of this year.

Citing people familiar with the matter, Bloomberg News is reporting that an announcement could be made this week on the sale of the plant to Foxconn Technology Group.

Foxconn bills itself as the world’s largest electronics manufacturer.

The report comes on the last day of September, a month in which Lordstown Motors said it would begin limited production of the all-electric Endurance pickup truck at a plant that formerly produced cars for General Motors.

Some auto analysts tell 21 News that Foxconn is interested in getting into the electric vehicle business, speculating that remaining space in the former GM plant could be used for that purpose.

The speculation, if accurate, leaves the future of the Endurance in question.

Lordstown Motors stock saw a general decline even before a March report from Hindenburg Research questioning company claims of 100,000 “pre-orders” for its endurance truck.

Since then, the company has seen the resignations of two corporate officers, lawsuits from investors, and investigations by the Securities and Exchange Commission and the U.S. Attorney.

Stay connected with 21 News for the latest on this developing story.