 Okay, this is MXUX, I'm going to go through this as quickly as I can. This is a post asset purchase agreement joint venture agreement with Foxconn, Foxtron. This is by MXUX. This is MXUX. Let's move on to the first slide here. Not good. Stock market down. It's fluctuating actually, but down the most since the great crash, blah, blah, blah. Ukraine oil prices sanctions on Russian oil and gas. Fuel prices going nowhere, but up about $6 a gallon in the California area. Anyway, we all know what the macro environment is. This is May 11, 22 or May 13, 22. Let's go to the BEV sector. Close in. BEV sector. The leader, Tesla, cannot sell enough vehicles. They're considering stopping, taking orders. Okay, that is how popular it is. Now, if you just look at the difference between filling up an ice engine and turtle combustion engine versus filling up a Tesla Model 3, let's say in the Los Angeles area, you're looking at for the ice vehicle $60. You're looking at for the Tesla Model 3 about $12. So that's less than 25%. 20%. It's 20% of the cost to operate a battery electric vehicle versus an ice vehicle. That's a savings of 80%. Okay, and you got the BEV fleet market. Okay, let's just talk about the fleet market in general. Absolutely have been starved for vehicles for the last two years, are looking to overorder the biggest boom in fleet market demand maybe ever. Okay, and there the last survey I saw said that they were going to go to 30% battery electric vehicles in their orders. 30% of new orders were going to be battery electric. With savings now, and that's way before any of this macro environment happened, savings now of 80%. I think we can look at as many as they can buy. That'll be the demand unlimited for the battery electric fleet market. And we have Lordstown Motors. Okay, Lordstown Motors is an asset light battery electric vehicle manufacturer. They got a truck ready to go. It's a fleet vehicle. They got a contract manufacturer ready to build it. They can scale up or scale down demand, scale down production based on demand. They have no CAPEX, OPEX, no OPEX overhead. They can control their costs because they pay a certain amount for each vehicle. And they pay the bill of materials and a certain amount to produce it. And that's it. Anyway, I think LMC is in a fantastic position. Perhaps better than any of the other BEV manufacturers because of the simplicity of the design of the endurance. Okay, now we have the Google mouse view here. Now we're in a BEV fleet. Let's go a little deeper. Vans, massive demand for vans. It's very hard to break out pickup truck demand from demand. Vans are a very big segment of the fleet market. By the way, Lordstown Motors has a van. They have been planning it from the start. If you remember, Steve Burns was in a partnership with Lomotus of Camping World. They were going to build electric campers based on the Lordstown Motors high top van. This is before, of course, the shoulders got involved to make sure that none of this happened. I don't know. Were they working for Ford? Were were they working for the Auto Dealers Association? Were they working for a political interest? Good question. Anyway, so we've got a van loaded in the revolver ready to fire. We're ready to do this. We're just capital constrained as far as Lordstown Motors goes on vans. They have the design. They have the soft dies. They just need to do hard dies and summary tooling. Then you got pickup trucks. Lordstown Motors has a pickup truck ready to manufacture itself within probably weeks. Again, let's move on to the next slide here. See where we're at with the pickup trucks. Now we got fleet pickup trucks. We got the bigger circle here, which is Ford Pro, and we got Lordstown Motors. Lordstown Motors is a little smaller because it's not in production yet. The Ford Pro, they're going to make 40,000 of them. They are selling them for $40,000. They're unlikely to make any money on any of them. They have limited production to 40,000. They are no longer taking orders. Half of those trucks are going to fleet customers. That's 20,000 vehicles. Half of those trucks are going to consumers. So what's Lordstown's competition in the fleet pickup truck market? That's 20,000 Ford Pros. Whenever they can make them. I saw out of spec reviews doing a review of this Ford Pro, and this was supposed to be a production vehicle. First of all, it had torque steering issues, and it was very wallowy. The guy said, well, this isn't as bad as the big Lariat with the big battery. So that's what you're looking at there. But the main thing was, he looked at the VIN, and they said this was a production model 007, pre-production model. That's what they gave them to review. It's probably a specially prepared one at that. So I don't know where Ford is with their production. Even with their van production, they say they produce 500 vans. It's hard to say. They aren't saying who they're getting delivered to. Their regular ice pickup trucks are stacking up on a racetrack in Tennessee right now because they can't get parts to finish them. It's questionable to me since the Ford Lightning is based on the architecture of the F-150. If they can't build F-150s, how are they going to build lightnings? Anyway, they've stopped taking orders. So that's Lordstown's competition. 20,000. 20,000 Ford Pros. That's it. Cybertruck, not an issue. Not a fleet vehicle. The Scarridge, not a fleet vehicle. The GM, actually, not a fleet vehicle. Not out for a year at least. So that's the competition. 20,000 Ford Pros that are on order. They haven't been delivered yet. And the OEMs, you can watch my previous video on this. I mean the buyers have already said we're going to consume, consider alternative surfaces and sources for vehicles because we need vehicles so bad. That means Lordstown Motors. So 20,000 undelivered Ford Pros is the only competition Lordstown is facing in the better electric fleet market. Now let's take a closer look at Lordstown Motors. Now this is Lordstown Motors. I'm trying to do this kind of by their strengths. Their engineering is, I think, their main strength with the hub motors, with all the development, all the experience they have, the staff in house specifically bringing a battery electric vehicle to market. This is hard fought experience. This is, there are not a lot of people in the world that have the experience of this engineering staff. And they have a unique technology as well that they know how to engineer. That's one of their main strengths. The other two main strengths is the product. The endurance is a great fleet vehicle. It's a great consumer vehicle. The cost of production is going to be so much lower than these other vehicles when they get into mass production. The management is another strength of Lordstown Motors. The new management team we got in there are Stellar. The other management team was excellent and it got Lordstown to where it needed to be. One quarter is one year. One quarter is four years at Lordstown Motors. They just moved beyond the startup phase. They're into the production phase. They've got professional management in there. You know, by evidence of doing this deal, wow, global player. Now, here's the big elephant in the room is finance. Finance is the focus of Lordstown Motors right now because the only thing they have keeping them from making these trucks and selling them is capital. That is what Hightower said on the last public speaking he did on the quarterly call. The only constraint they have is capital. They've got everything else, all the ducks in the row. As far as the component supply and so forth, Foxconn is going to handle that and this is the only vehicle they're doing. They're going to get all their attention and I think they're going to be able to source all the stuff that Lordstown needs to make this truck. So, one thing we have is this MIH joint venture which was entered into by Lordstown. I think people are misinterpreting this. We'll see on the call on the 19th. They're saying Lordstown got 45 million dollars for this joint venture. Well, they split it. Lordstown got 45% of 100 million deal. That was 45 million. They have capitalized this joint venture with 100 million dollars. That loan was again fronting Lordstown Motors money to purchase this interest in this business. I do not believe that is cash in hand for Lordstown. I think this is a bookkeeping entry and that Lordstown owes them this money but it does give them a partnership in this asset which could prove to be extremely valuable. As well, I have down here, arrow, big arrow with a dollar sign. This is where Lordstown Motors could generate operating capital. For example, the fiscal orange is going to be built there. We don't know much about it. Will the MIH joint venture, will it be on an MIH platform? Probably. Will Lordstown engineer that? Probably. Will they get paid for that? Probably. Will they get a fee for each unit produced? Probably. When is that going to take place? Not at least until next year. But the fees may start flowing sooner than that. This could be a source of capital for Lordstown. Obviously, Lordstown has made it very clear they need $150 million. We're going to go over that in a minute. They need to raise $150 million this year. Let's just go through the timeline here. This is basically today. We're still at PPV just ready on the cusp of starting production. Start a commercial production sometime in the next three months probably. The first delivery is going to take place in the fourth quarter, let's say 1222. By 123 or in that area, they expect to be ramping up and they expect to have 500 units of the endurance in customers' hands delivered by 1223. At the end of next year, they have 5,000 units planned for production. Now, parts constraints, materials constraints, so on. This is Foxconn's job to get these parts together. This is their only electric vehicle. This is their first effort. Are they going to focus everything they have on getting this truck built? Yes. Are they going to come up with the parts? I mean, if anybody can do it, Foxconn can do it. So are they going to reach 5,000 units? Yes. What did Hightower say? The only constraint they have on production, now that's 5,000 units, their only competition is Ford with 20,000 units. Okay, so they've already got a fourth of Ford, you know, they're already climbing up Ford's, you know what. So, but the thing, the important thing to say here is Hightower said, we are constrained by capital. That's it. The more capital they have, the more trucks they can make. The more capital they have, the quicker they can launch them in. The quicker they can do the hard tooling for the van, the quicker they can get that in the fleet, fleet manager's hands. And the fleet BV, Ford fleet, I did it. There's another video on this. I advise you all to look at my past 10 videos. You can pick and choose. It'll explain all of this. But 5,000 units is the bottom end. Okay, this is, this could scale up phenomenally, depending on the parts and the capital that Lordstown raises. Now let's just go to the next slide. Now this is, they need 150 million for 500 units of commercial production in 20, for 2022 and to 123. Okay, now this is for 500 units. I believe the start of commercial production unit one to whatever the limited number would be can happen with the present cash levels they have on hand. I do believe they could start production, who knows, 10 units, 20 units, 100 units. They have enough money to start production. We have no idea, let's say five trucks. I believe without raising any money they could make five commercial trucks and deliver them to customers. That is my personal opinion. Okay, we have a stock price right here today of 237. It's up after market to 240. It's going up and down. We've got a lot of institutional interest. Now we've got Lordstown Motors. Now they've got to raise 150 million. How are they going to do it? Well, they've got a couple, I don't know, they've got three ways in my opinion, equity. They could dilute and do a public offering. And I think as shareholders we should expect that this is going to happen sooner or later. I don't think it's a bad thing. I think it's a good thing. They could do a private offering to Foxconn. Foxconn already owns, I don't know, with the close of this deal, they have warrants to buy 10 million shares at $10 a share, 1075 a share. They have, tell me they're not incentivized to get this truck into production with warrants at that level. And they also have a number they spent 50 million on shares. They bought another, I don't know, 10 million shares when they initiated the asset per AAP. So Foxconn already owns, I don't know, a couple million shares of Lordstown. I'm sure this will come out in the stockholder meeting. But these are a couple of things that could happen. There can be a consortium of joint venture firms that might want to take a private offering. There are institutional holders that might want to take a private offering. I don't think there's going to be any shortage of people that want to get in on this, in my opinion. Now I have another source here, joint venture income. Is that coming? Other income? We're going to start making hub motors for Aptera. Are we going to license some hub motor technology? Who knows? But the joint venture income, the fees for the fiscal orange. Henry Fisker went to the factory yesterday. He's there. He's talking. He's meeting with Foxconn about the manufacturing. He's meeting, in my opinion, no inside information with Lordstown about the engineering. Because Fisker is just a design house. They don't do anything else. So I'm sure Lordstown is going to engineer that. Fisker is going to design the body and Foxconn is going to build it. And that's going to take place next year. So is there going to be joint venture income? I think that's going to be coming. Now the third way is debt. They have YAH, the YAH associates. They have, I believe, three more tranches of debt that they can get them to purchase stock. Now it depends. It's a complicated formula, but in any case, the higher the stock price, the more money they'll raise off YAH. And this is already set up. This is already, I don't know what the exact number is in. Again, I believe at the stockholders meeting, they're going to go through this. There's a level of complexity here that I just don't have enough time to cover in this video. And I also do not have enough time to research at this point in time. There are minimum cash requirements for Lordstown. I'm not sure if they have to meet those as a condition. I think it was a condition of the sale. I'm not sure. Anyway, there's a lot of things going on with the financial. That's why that finance bubble was so big in the Lordstown description. Now, we got the YAH tranche. Now, this is what Tesla did to Chalmoth. Chalmoth bought convertible bonds. Foxconn could buy convertible bonds or Chalmoth could buy convertible bonds in this. And you could say, well, they don't have any assets to pledge against. Well, you know what? They have a 45% interest in that joint venture, which is an asset. They have their IP, which is an asset. They have their brand, which is an asset. They do have assets. And I think that joint venture is going to end up being the most valuable asset they own. Anybody with any vision into the future can see that. And I think convertible bonds are a chance here as well. And at X years, they convert either to SOC, you know, you set a strike price or repayment. And I think we can get these at a low rate because Foxconn's involved. Foxconn's one of the biggest country companies in the world. Okay. All right. Anyway, this is my view. Again, I think they can get to the start of production without raising 150. In other words, if the investors are saying, well, show me, and then I'll invest the money, I think Lord's time can do that. My opinion, not an engineer, not a lawyer, not a financial advisor. But if that, if it came down the crossing that line saying, look, you got to show me a production vehicle, you got to sell one, then I'm going to invest, I think Lord's time can do that with the cash on hand. I also think they're going to be able to raise the cash. Now, this is a thought exercise of where Foxconn is. Their partner, Lord's town's partner. Okay. And this is the latest information. Their last quarter earnings were great, but they are looking forward and they're saying smartphone growth and demand are slowing. Okay. They are reducing reliance on the smartphone sector. They basically put it on the back burner. They aren't even interested anymore. China is experiencing severe pandemic lockdowns limiting production. They are over China. Okay. Foxconn wants to diversify outside of China for this and also for the fact that the US relations with China are souring because vis-a-vis the view on the Ukraine situation by China. So that Foxconn is out of smartphones, out of China. The CEO of Foxconn said, we want to pivot to BV manufacturing at speed to capture market share. And you saw what the situation is with Ford and Lord's town for fleet pickups, capture market share. That's what it's all about. Lord's town USA is the Hanhai headquarters for battery electric vehicle manufacturing. Do you understand this? World headquarters. This is the focus point of all their efforts right now is Lord's town. Okay. This is one of the biggest companies in the world. Okay. Hanhai does not know how to build better electric vehicles. So they want to pivot their headquarters in Lord's town. They got everything there, but they don't know how to build EVs. Okay. Lord's town motors has retained expert engineering design capabilities and better electric vehicles. This is their expertise. This is why they exist. Okay. So what does Hanhai need? What LMC got? LMC and Hanhai have entered into the JV to develop BVs. What is their first BHV going to be on the MAH platform? Probably the pair. Will the pair have hub motors? Good chance. Is Lord's town going to do the engineering and the electronic design? Most likely. Is Foxconn going to add the operating system for their car and the entertainment system for the car and build the car on a contract basis? Yeah. Is Fisk are going to design the look and feel of the car? Yeah. I think that's how that's going to go. They're going to sell that for 34 grand. Can they make money on it? I don't know, but the point is they're planning on making millions of them. It's a money making deal for everybody. All right. Now we go to the LMC endurance is ready for start a commercial production and deliveries. As I said, I believe they can start production and deliver a limited number of trucks without even raising money. Okay. Right now, Foxconn has got all the focus on BVs. All the focus is on Lord's Town Motors. He's the only client for Hanhai BV manufacturing services. Okay. So all of this is focused down into a small point of laser beam of light on the Lord's Town endurance. Okay. I expect LMC to raise 150 million dollars. Okay. If you go through all these factors, they're going to raise, I think they're going to raise 150 million. I don't think it's going to be a problem. And I don't know that they're going to have to dilute stockholders. I'm not a finance guy. I'm actually bored by finance. But as High Tower said, production is only constrained by capital. The more money they have, the more trucks they can make, the more market share they can have, the more market share they can steal from Ford. The bigger player Hanhai can become. This is a win-win for Lord's Town and Hanhai. I think there's potential for an even larger capital raise if they can show their investors that they're not battery constrained. And I, Goshen, I have a video about rumors. You can look it up. I believe, I mean, the indications are Goshen is going to be their battery supplier. If so, they're not going to be battery constrained. So, you know, I think they can, number one, they can, they can make, get to the start of production without raising money to show investors. So I think they can raise them up. Number two, if they're not battery constrained, I bet they can even raise more money. Okay. In any case, what's the outcome of all this? Sorry, guys, short apple. I mean, this thought exercise says short apple. Go long ride. Ride is the pivot point for Hanhai to get into battery electric vehicles. So this exercise says go long ride. And through deduction, you can say expect the apple car at Lordstown because not only does Hanhai want to get out of smartphones, so does apple. So that's my call. I am bullish. Not a financial advisor. This is not a financial advice towards some voters. This is a high risk investment. Do your own DD. Catastrophic losses can result. My thought exercise comes to this conclusion. And that's, you know, I don't know, guys. I've been following this for a while. This would be my, at this date of May 13th. This is my evaluation of the situation. All right. Thanks for watching, guys. I hope you found that useful. This is MXUX. I'm going to be signing off now. Good luck in the market. And thanks for watching the video.