Foxconn sold the former GM factory, which it owned for three years after failing to set up any significant, large-scale electric vehicle production there.
The pivot marks Foxconn’s second major failure to fulfill its promises to help revive US manufacturing. The iPhone maker once promised to build a giant LCD factory in Wisconsin project that Donald Trump Called the “eighth wonder of the world” during his first term – and decreased to Extreme grade.
Foxconn says the buyer is an “existing partner” named “Crescent Dune LLC”, an entity created in Delaware just 12 days ago, according to records presented with the state. Matt Dewine, a spokesman for Foxconn, refused to say more about the buyer.
Foxconn sold the factory and land for about $ 88 million and machinery and equipment from its EV affiliates for about $ 287 million, Taiwan Stock Exchange.
Foxconn representative told Automobile news The company will remain “involved in manufacturing products for customers at the Lordstown” and claimed it is “compromised with customers and suppliers” in the car industry. But the Wall Street Journal Reported on Monday This Foxconn is now planning to build AI servers at the factory. Dewine did not immediately respond to a request for a comment on the report.
Foxconn announced the deal to buy the former GM plant in 2021 for $ 230 million, when it was still owned by EV Startup Lordstown Motors. At the time, Foxconn Young Liu president said it will be the “most important electric vehicle manufacturing and R&D hub in North America.”
While Foxconn developed EVs own in Asia, it also focused on contract manufacturing in the United States. And, briefly, three of the FoxConn power companies were hoping the factory went bankrupt.
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Foxconn actually built a few EVs at the factory for the now defunct Lordstown Motors. But the Taiwanese electronic giant decreased in a bitter battle with that troubled EV -startup. Lordstown Motors filed for bankruptcy in June 2023, and accused FoxConn – who became an investor in the starting – of “starving it of money,” and said it “maliciously and misbehavingly destroyed that business.”
Foxconn also took a wing about a small EV startup called Indiev, claiming it will build its electric SUV at the Ohio factory. Indiev filed for bankruptcy in October 2023 with less than $ 3 million in the bank. Foxconn assumed Build EVs for Fisker Inc Also. Fisker Archived for bankruptcy in June 2024.
Fourth Company, Monarch Tractor, has did not work muchwith Foxconn doing no more than a few hundred electric tractors. The general manager of a monarch, Praveen Penmesta, has not responded to an email request for a comment on whether its tractors will continue to be built in Ohio.
