Second US Foxconn EV Customer Files for Bankruptcy Protection

Sean O'Kane, Bloomberg News

An Uber Technologies Inc. driver plugs a charging cable into a Tesla Motors Inc. Model S electric automobile at a charging point at the InterContinental Hotel in Madrid, Spain, on Friday, Jan. 13, 2017. Ride-hailing service Uber Technologies has launched its first electric car taxi service in Madrid, operating a fleet of Tesla Model S electric vehicles. Photographer: Angel Navarrete/Bloomberg , Bloomberg

(Bloomberg) -- A second potential customer for Foxconn Technology Group’s electric-vehicle factory in Ohio has filed for bankruptcy, following the Chapter 11 filing of Lordstown Motors Corp. in June.

IndiEV Inc., an electric-vehicle startup, filed for Chapter 11 protection Monday in the US Bankruptcy Court for the Central District of California. The California-based startup listed $2.83 million in assets and $26.4 million in liabilities.

Read More: Lordstown to Sell Remaining Assets to Founder for $10 Million

Foxconn announced last October that it signed a memorandum to make prototypes of IndiEV’s cars at the former General Motors Co. factory in Lordstown, Ohio. The startup reported just $220,000 in cash around that same time. An effort to go public earlier this year fizzled when IndiEV’s merger partner liquidated.

Foxconn has said it expects its automotive business to generate $33 billion in annual revenue by 2025. A spokesperson for the company said IndiEV’s bankruptcy filing doesn’t impact Foxconn’s other business and manufacturing operations in Ohio, nor its efforts to find additional customers.

The case is IndiEV Inc., 8:23-bk-12036, U.S. Bankruptcy Court, Central District of California (Santa Ana).

--With assistance from Joe Schneider.

(Adds Foxconn comment in fourth paragraph.)