The Mahoning Valley has seen Lordstown Motors go through many hurdles.

The latest step is a formal agreement with Foxconn, a company that auto experts said is the largest contract manufacturer in the world.

Foxconn is officially buying the Lordstown facility and partnering with LMC, leaving an opportunity for the all-electric Endurance pick-up truck, but now including plans to build other electric vehicles.

Auto analysts said this latest move for LMC could be a game-changer, given how Foxconn operates.

"They make most of Apple products just to give you an idea," John McElroy of Autoline said. 

CNBC auto industry reporter, Phil LeBeau said, "I think that for Lordstown, this is a good agreement. It gives them a lot of stability and a cash infusion at a time when they can use it."

LMC can pay its bills and Foxconn can branch out, which they've already signed a contract to do with Fisker, a new EV start-up.

"They had to find someplace they could build these vehicles, and Lordstown, Ohio, they decided is the perfect place to make them," McElroy said, "Foxconn is a huge corporation with very, very deep pockets, and it very much wants to be a contract manufacturer for electric vehicles. So you've got this convergence of things coming together. It looks really promising but now you've got to pull it off."

Foxconn was previously in the news for scaling back on the construction of a Wisconsin factory, but analysts say that shouldn't cause concern.

"What's happening in Lordstown is completely different, that's an existing facility and if you're Foxconn, you're going to use it not only for manufacturing with Lordstown Motors, but they've already expressed plans to build Fisker's second automobile, one that will be just for just the United States and electric vehicles. They plan to build that at that facility as well so it's a far different situation."