iPhone-maker Foxconn sells former GM factory that its chairman had called 'most important electric vehicle manufacturing and R&D hub in North America', says …

Foxconn

has sold the former General Motors (GM) factory in Ohio which it acquired three years ago, via TechCrunch. The plant, which was supposed to become a key electric vehicle (EV) manufacturing site, has failed to manufacture any major EV. In a regulatory filing with the Taiwan Stock exchange, Foxconn announced that it sold the factory and surrounding land for about $88 million. It also sold machinery and equipment from its EV businesses for $287 million. The buyer is named Crescent Dune LLC, a business created in Delaware just 12 days before the sale. Foxconn did not provide more details about the buyer.Foxconn bought the factory in 2021 for $230 million when it was owned by EV startup Lordstown Motors. At the time, Foxconn Chairman Young Liu said the plant would be the “most important electric vehicle manufacturing and R&D hub in North America.”Notably, this is Foxconn's second high-profile failure to deliver on US manufacturing promises. Earlier, the company had pledged to build a large LCD factory in Wisconsin, which President Trump had called the “eighth wonder of the world.” But the project failed to meet expectations.Foxconn's plans to build EVs at the factory faced several setbacks. Three of the EV startups Foxconn partnered with—Lordstown Motors, IndiEV, and Fisker—filed for bankruptcy between 2023 and 2024. Another company, Monarch Tractor, has produced only a few hundred electric tractors at the site. Monarch’s CEO has not commented on whether production will continue in Ohio.

Foxconn did manage to build a few EVs for Lordstown Motors before a dispute arose. Lordstown later accused Foxconn of cutting off funding and deliberately damaging the business, which filed for bankruptcy in June 2023.

What Foxconn says on Ohio factory sale

The report quotes a Foxconn spokesperson who told Automotive News that the company will still be involved in making products at the Lordstown facility. The company said it remains “committed to customers and suppliers” in the automotive sector. However, a report by The Wall Street Journal said Foxconn now plans to build AI servers at the factory.