Lordstown Motors announced on Tuesday that it has filed for Chapter 11 bankruptcy and is suing the parent company of Foxconn, the Taiwanese electronics giant Foxconn that purchased the former General Motors Plant in Lordstown.

As part of what it calls a “strategic restructuring” and citing what it characterizes as irreparable harm allegedly caused by Foxconn, Lordstown Motors filed for bankruptcy aimed at marketing and selling its all-electric Endurance pickup truck and other assets including the EV platform and intellectual property.

In addition, Lordstown Motors announced that it has filed litigation against global technology company Hon Hai Technology Group and certain of its affiliates, including Foxconn.

The lawsuit details what Lordstown Motors calls “Foxconn's fraud and willful and consistent failure to live up to its commercial and financial commitments to the Company.”

The actions come despite Lordstown Motors surviving a recent threat of being delisted from NASDAQ, by initiating a reverse stock split, propelling the value of the company’s stock above the $1 per share threshold required for continued listing on the exchange.

Lordstown Motors said earlier that it needed Foxconn to complete a previously announced deal to purchase 10% of Lordstown Motor’s stock, to bring in a needed $47.3 million investment.

Foxconn’s contended that Nasdaq’s delisting notice on April 19 violated the terms of the investment agreement between the two.

The lawsuit, filed in Delaware, alleges that Foxconn's actions led to material damage to the Company as well as its future prospects.

In a media release issued early Tuesday, Lordstown Motors said it expects the bankruptcy filing to speed up the timeline for hearing its lawsuit against Foxconn.

 "As one of the early entrants to the EV industry, we have delivered the Endurance, an innovative and highly-capable EV with significant commercial and retail potential – and had subsequently engaged with Foxconn in a purposeful, strategic partnership to leverage this expertise into a broader EV development platform,” said Lordstown Motors CEO Edward Hightower in the statement. “Despite our best efforts and earnest commitment to the partnership, Foxconn willfully and repeatedly failed to execute the agreed-upon strategy, leaving us with Chapter 11 as the only viable option to maximize the value of Lordstown's assets for the benefit of our stakeholders."

In May of last year, Lordstown Motors and Foxconn announced a Purchase Agreement to sell the Lordstown facility to Foxconn as well as enter into a joint venture for product development with Foxconn affiliates.

In return, Lordstown Motors says in the lawsuit that it expected Foxconn to support the development of the Endurance.

The lawsuit alleges that “Foxconn had no intention of living up to its commitments, particularly with respect to the new vehicle development platform.”

 “Foxconn simply used its variety of contractual arrangements with the Company as a tool to maliciously and in bad faith destroy Lordstown's business—while leveraging resources gained through the partnership to advance its own business interests,” claims Lordstown Motors in the suit.

Foxconn issued the below statement in response to the lawsuit:

Hon Hai Technology Group (Foxconn) (“the Company”) has been holding a positive attitude in conducting constructive negotiations with Lordstown Motors Corp (LMC) and in assisting LMC in finding a solution to its financial difficulties. However, during this time, LMC has continuously attempted to mislead the public and has been reluctant to perform the investment agreement between the two parties in accordance with its terms.

Foxconn originally hoped to continue discussions and reach a solution that could satisfy all stakeholders, without resorting to baseless legal actions, but so far the two parties have yet to reach a consensus.

Regarding LMC's litigation announcement today and the false comments and malicious attacks made by LMC in its external statements against Foxconn, the Company reserves the right to pursue legal actions and also suspends subsequent good faith negotiations.

Regarding the bankruptcy filing, Lordstown Motors says it is confident that a buyer could use the Endurance platform to create several electric vehicle variants and “take the product to the next level.”

Mr. Hightower said, "We remain confident that an orderly, expedited sale process will maximize value for our stakeholders and enable the talent and technology behind the Endurance to find new and supportive ownership,” said CEO Hightower in the statement. “While in Chapter 11, Lordstown will continue to support our customers. We are grateful for the Lordstown team for their commitment and dedication to our vision and to our customers, suppliers and business partners for believing in the Endurance and in the EV evolution."