Electric-truck maker Lordstown Motors Corp. said Thursday it plans to sell its auto factory in Ohio to contract assembler Foxconn Technology Group , marking a major pivot for the cash-strapped startup as it works to bring its first pickup to market.

The two companies have entered into a nonbinding agreement for Lordstown to sell the facility and property for a purchase price of $230 million with the exception of certain assets, said Lordstown Motors Chief Executive Daniel Ninivaggi.

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