LORDSTOWN, Ohio (WKBN) — Lordstown Motors Corporation announced a new agreement with Foxconn Ventures on Monday.

Foxconn will invest up to $170 million in Lordstown Motors in exchange for stock.

According to a press release, the two companies will work together on the development and design of a new electric vehicle program.

Upon completion of the investment transactions, Foxconn is expected to hold all of Lordstown Motors’ outstanding preferred stock and 18.3% of its common stock on a pro-forma basis. It will have the right to designate two members of LMC’s Board of Directors.

Lordstown Motors will use the proceeds from the sale of the common stock for general corporate purposes. Proceeds from the sale of the preferred stock will go toward development and design activities for a new electric vehicle program in collaboration with Foxconn, known as the EV Program.

“Since announcing our first transaction with Foxconn more than a year ago, it has been our objective to develop a broad strategic partnership that leverages the capabilities of both companies. Foxconn’s latest investment is another step in that direction,” said Daniel Ninivaggi, executive chairman of Lordstown Motors Corporation, in a press release. “Our board of directors and management team strongly believe that deep collaboration with the Foxconn EV ecosystem … offers tremendous opportunities to meet our mutual ambition to accelerate EV adoption globally.”

“Over the last year, the LMC and Foxconn teams have worked collaboratively to bring the Endurance into commercial production, despite numerous external challenges. We acknowledge and appreciate the confidence in our team that is shown by this investment,” said Edward Hightower, CEO and president of Lordstown Motors Corporation, in a press release.