American Electric vehicle start-up$Lordstown Motors (RIDE.US) $Its shares soared more than 30% in after-hours trading on Wednesday after the company announced that it had completed an original building in Ohio.$General Motors Co (GM.US) $The sale of the company's factory to Foxconn secured much-needed capital.

The $230 million deal was announced in November, but there have been recent fears that Lordstown could be short of funds. Earlier this week, the company reported that it had $244 million in cash and cash equivalents at the end of 2021.

The total revenue to Lordstown from the deal is $230 million, plus about $27 million in compensation for operating and expansion costs. Foxconn also bought $50 million worth of shares directly from Lordstown.

Foxconn took over the plant immediately after the deal was completed, and about 400 employees at the plant became Foxconn employees, the companies said.

The two companies also signed a contract manufacturing agreement as scheduled and announced a joint venture to jointly develop other electric vehicle projects, including a new electric vehicle platform. The joint venture, called MIH EV Design LLC, will be 55 per cent owned by Foxconn and 45 per cent by Lordstown. Foxconn committed $100m to the new business, including a $45 million loan to Lordstown to "support its initial capital commitment", the companies said.