 In more Lordstown Motors news, this is Green Car Reports and this is January 19th, 2023. So this is new. Racing tech may bring efficient in-wheel motors to more EVs. Elafi and McLaren are partnering to marry the former's in-wheel motor tech with the latter's racing expertise. Here's some, this is an installation of Elafi motors. Not sure what vehicle that's in. At the recent CES, the two companies announced an in-wheel propulsion system using Elafi's in-wheel motors and inverters and inverters from McLaren applied technology to create a hyper responsive electric vehicle according to Elafi. So, as I've been saying about the torque vectoring and traction control and the control at the wheel of the Elafi motors, now let's just move forward with this. Elafi developed in-wheel motors as the course of some of the most eagerly anticipated super efficient vehicles like the upcoming Aptara, which uses hub motors. The light year, okay, and here is a kind of an atypical, these are not the same model hub motor that's in the endurance, but an Elafi hub motor nonetheless. Looks like light years using a completely different model than Lordstown motors, or at least this graphic it might be wrong. Lordstown motors in 2022 announced the in-wheel motor tech for instance doors pickup and stands out as the only company that is using in-wheel motors for a conventional truck rather than the efficiency focused things like the Aptara and light year. So, unsprung weight, not an issue, blah, blah, blah. McLaren applied technologies has defined the inverters and so forth, so this is massive. This is massive. Will Lordstown buy a spot on this nose here? Will they buy an ad? In-Wheels claim to have demonstrated, okay, the powertrain development partnership will use McLaren's silicone carbide that can blah, blah, blah, 95%. The Elafi claims with the in-wheel motors themselves claims to have demonstrated up to 97% efficiency, yes, because they don't move anything but the wheels. Together with the best in class, large range, cruising, best in class, long range, cruising efficiency, unmatched vehicle, controllability with torque response five times faster than existing systems. This won't be the first and then they mention that Lucid, which isn't going to be a business. So this is massive. This is a validation of the endurance drivetrain. Look at this McLaren, wow, this is more great, great news and I hope we get a Lordstown right on this nose here, Lordstown Motors. Okay, this is great news and we also got to mention, so Lordstown Motors and I have a video out, the Lordstown Motors endurance is a sleeper. Yes, it is a sleeper. It is a sports car, masquerading as a pickup truck. When they take the governor off of it and sell it to consumers, you're going to see what I'm talking about because McLaren knows what's going on. This is MXUX. This is a quote just recently from Elon Musk. Elon Musk says a Chinese automaker will likely be second to Tesla. They work the smartest and then down below it just says Elon Musk said that a Chinese automaker is likely to be the closest competitor to Tesla. I am going to submit to you that the firm he is talking about here is Foxconn and also Lordstown Motors as part of the MIH, Lordstown Motors, Foxconn conglomerate. I am essentially certain about this. I think that although these Chinese companies are very successful and so forth, Foxconn is going to be the only one that has a US manufacturing presence and the only one that's going to be able to compete with Tesla in the US market. OK, just wanted to mention that. I think this is a big plus for Lordstown and Foxconn. OK, this is MXUX. This is a news item that slipped by. As you know, Workhorse was a sister company to Lordstown Motors. Burns, Steve Burns, CEO of Workhorse, left Workhorse to found Lordstown Motors. Now, the SEC has been investigating Workhorse for a couple of things, one of them being the debacle of the USPS contract award. That's not what we're talking about here. The DOJ and the SEC is involved in that. I don't see a good outcome for that, no matter what. But this actually from other sources I've gleaned. SEC concludes Workhorse investigation. And it says here the previously disclosed investigation of the company has concluded and SEC does not intend to recommend any enforcement action against the company at this time. This involves an investigation. This item right here involves an investigation into the sale of Lordstown Motors stock. As you may recall, they divested themselves as part of the deal to separate the two companies. There was a large block of stock given to Workhorse and the new CEO who I don't I am a fan of Workhorse, but I am not a fan of this CEO, mainly because he sold this stock at a critical time and the sale actually hurt Lordstown Motors. But the point I'm making here is so the SEC also has, as we know, an investigation on going with Lordstown Motors and the DOJ. And we can see here that it's at least this portion of it is wrapping up, which I think is good news for Lordstown Motors stockholders. I think this is a really good outcome. We'll have to see these SEC investigations can go on forever. But I thought this was a positive outcome. It's kind of a glancing thing. But if you remember this stock sale, it was it was a big deal. And they took a loss on the stock. And I do believe that this was part and parcel of the investigation into they launched into Lordstown Motors. So it may be, maybe an indication that that SEC probe is coming to a close. We don't know that, but it is a breadcrumb. Now, just as a backup on that, this is from Investors Business Daily. This is some some time ago. But this is the original information reported Wednesday. SEC probe involving workhorse and early investor and embattled EV startup, Lordstown. And it says was alluded to in a denial letter for a Freedom of Information Act. So this is a breadcrumb. And evidently, this has been exposed as the sale of Lordstown Motors stock. But the and it says down here, Lordstown is also under investigation by the SEC and the Justice Department. The probes are looking in terms of the IPO last fall and how it reported pre-orders. So there is, again, I've gone over this many times, but there is no no basis to this. But the fact that this workhorse probe is ended by the SEC is a breadcrumb. And I just wanted to show you this is the initial reporting on the start of this SEC investigation. And this is yet another blurb in this contributor 2822 2022. The SEC concluded its investigation in the workhorse and will not recommend any enforcement. Again, I believe this is with regards to the tangential information. This is tangential to the Lordstown Motors investigation by the SEC. And I think the fact that they're not going to recommend any enforcement here. I don't say I could be seen as anything but a positive. Hey, this is some Lordstown Motors news here. This is a, I believe it's at, yeah, 8K that was just filed on the 26th of January. What this involves and you can download this or take a look at it on NASDAQ. I just want to preference everything I'm saying here by saying I'm not a corporate lawyer. And I'm not a finance expert. And I actually worked for a lawyer for a while as a paralegal. But you have to verify and come to your own conclusion on this data. And I'll just give you my opinion, not financial advice on this. This is a filing. It involves when Lordstown had, Danny Avoggi had requested the increase in the total amount of shares outstanding and there was a vote on that. And it is on that general topic. I think that's the exact point. But again, you guys can do your own DD on this. A law firm filed on behalf of three supposed shareholders. I don't know why a shareholder would file a lawsuit like this. And it was a technical challenge to the issuance of that stock. And they, this law firm made a claim that, you know, the procedures were not followed to the letter and that this isn't valid. And it was, you know, some really minutia, you know, apparatchek stuff that they were citing. And I can only believe that there are shorts behind this. Absolutely. But in any case, I said, this is a crazy lawsuit. This is never going to get any traction. I do believe, and you can read this for yourself. I do believe that they, I don't know if they challenged it or not, but a court like through it, I have anything. Anyway, the point is Lordstown Motors did their due diligence and got legal counsel involved and so forth. And everybody agreed that this is, you know, not relevant. It's a nuisance, basically a nuisance. Now, what's happened is there's a court in Connecticut, I think, that is considering some kind of motion on this or an appeal. And, you know, it has the potential, I think, of very slim chance and Lordstown Motors legal counsel, if you read this, they really give it almost no chance of reversing this stock issuance. And what this AK is saying is the deal for the tranches of funding coming from Foxconn in what is going to become the new partnership, the 170 million, they're dependent on a number of factors. One is CIFAS. And, you know, I think another one is, you know, making sure that this stock's available and so forth. So what Lordstown Motors has said in this AK is that this issue is out, it's at a court, I believe. And there is some small percentage, according to their legal counsel, that it might influence the issuance of that stock. That would hold up the tranches of investment by Foxconn and so forth. So the point is, according to SEC rules, they have to have, you know, open doors on this and they have to report everything to the stockholders. And that's what this is. And, you know, the result of a bad decision in this case is going to throw a monkey wrench in that funding. In reading this, Lordstown, it seems pretty confident that it's not going to be an issue. But I would just say this is a short, obvious short attack. And I would add that, you know, with Dan Neovagi as the chairman of the board, being a New York finance guy, should this become a problem, I think if anyone can do a workaround on this, it is Neovagi. And I would add, I'm sure Foxconn will work out a workaround if something should happen. I just want to reiterate here, and I got a piece coming out on, Elon Musk said the number one competitor to Tesla is going to be a Chinese firm. I believe he's talking about Foxconn and let's say Foxconn, MAH, Lordstown. And I do not believe that Foxconn is going to allow something like this to throw a monkey wrench in their plants. But again, I think this is a mandatory by the SEC and you can read this for yourself. If there are any corporate lawyers out there that want to give an opinion on that, great. It's pretty much in plain English and there are potential downsides here. It does not, according to my read of this information, Lordstown Motors is confident that this is not going to go anywhere. And again, I think if it did that Foxconn and Neovagi would develop a workaround for it anyway. But that is the latest filing news. There was a second filing that I was going to do a report on. I'll just mention it here. After the work out of this partnership deal or the tranches of investment by Foxconn, the YAH associates revolving line of stock for credit was closed. And so right now, it's pretty obvious that Foxconn is going to be taking control of of this stock and they don't want anybody else meddling in that. So I think I'm going to do a quick piece on the protection for holders that are built into this new agreement. But this is the latest 8K and worth mentioning. Again, if there's a lawyer out there that wants to give an opinion, in my opinion, they're fairly clear in this that they don't think this is going to go anywhere. I just wanted to review real quick here. This is part of the agreement. Now, again, this is the pending, I call it the partnership agreement. Other people might call it something else. These are the terms that were agreed and filed with the SEC. And these are to protect stockholders. Now, this means that the deal has passed CIFAS and there aren't any restrictions on the stock. And these are the terms they've agreed with. Okay, no agreement, no acquisition of LMC by third parties. They're not going to enter into any acquisition talks with anybody. They agree not to do that. No buyout by Foxconn. Foxconn agrees not to do a buyout. Okay. No sales or licensing of LMC hub motor technology. That is to be kept proprietary. And Foxconn agrees to buy 20 up to 20. It's ultimately going to be 24% of common stock and all the preferred stock as a hedge against shorts. That's my interpretation. And this will apply after it's all been manifested until 2025.