Foxconn, which makes iPhones for Apple, says it is deepening its investment in a US electric pick-up truck firm, which could challenge Tesla’s Cybertruck.

The technology giant is spending up to $170m (£147.8m) on shares in the loss-making start-up Lordstown Motors.

The major cash injection comes as the company aims to ramp up production of its debut model, the Endurance.

Lordstown recently began building the vehicle at a former General Motors plant in the US state of Ohio.

Under the deal, the world’s largest contract manufacturer of electronics bought a more than 18% stake in Lordstown, making it the largest investor in the company.