One of the largest electronics manufacturing services in the world made an agreement to purchase Lordstown Motors for $230 million on Wednesday.

Taiwan based company Foxconn made the agreement with LMC and will put a $100 million down payment towards their deal with the plant on November 18.

"This is a blockbuster," U.S. Representative Tim Ryan said about the deal. "There's no other way to say it and our community will never be the same."

Foxconn also agreed to pursue a manufacturing agreement to build the Lordstown Endurance all-electric pickup truck that was introduced in July 2020. They must come to terms with LMC on that deal by April 2022. 

The iPhone, iPad, several Microsoft Xbox consoles, Playstation 3 and 4, plus every Nintendo gaming device since the GameCube was manufactured by the Taiwanese tech group. 

"This is going to be the most impactful economic development project in our community probably since general motors came in 1966," said Rep. Ryan. "I mean, it's a global company, they want to make Lordstown their electric vehicle hub for entire North America. They want to completely renovate the plant."

Shares of Lordstown Motors have gone up 13% since the news broke.