Foxconn has sold the former GM plant that belongs to three years after failing to offset any major production of large -scale electric vehicles there.
The axis marks Foxconn’s second major failure to fulfill its promises to help revive US construction. The iPhone manufacturer once promised to build a giant LCD plant in Wisconsin-one project that Donald Trump called the “eighth miracle of the world” during his first term of office – and wrapped an extreme grade.
Foxconn says the buyer is an “existing business partner” called “Crescent Dune LLC”, an entity created in Delaware just 12 days ago, according to records submitted to the state. Matt Dewine, a spokesman for Foxconn, refused to say more about the buyer.
Foxconn sold the factory and ground for about $ 88 million and equipment and equipment from its EV subsidiaries for about $ 287 million, Taiwan’s stock market deposits show.
Said a Foxconn spokesman Car news The company will remain “involved in manufacturing customers in Lordstown Facility” and claimed to be “dedicated to customers and suppliers” to the automotive industry. But Wall Street Magazine Reported on Monday This Foxconn is now planning to build AI servers in the factory. Dewine did not respond immediately to request for comments about the report.
Foxconn announced the deal to buy its former GM plant in 2021 for $ 230 million when it was still owned by EV Startup Lordstown Motors. At that time, Foxconn Young Liu’s president said it would be “the most important production of electric vehicles and R&D in North America”.
While Foxconn developed its own in Asia, it also focused on processing contracts in the United States. And, in a short period of time, three of the Foxconn electric vehicles hoping to end up in the factory they went bankrupt.
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Foxconn really created a few Evs at the factory for the now Defunct Lordstown Motors. But the Taiwanese electronic giant popped into a bitter battle with this problematic start EV. Lordstown Motors was bankrupt in June 2023 and accused Foxconn – who had become an investor at startup – of “starving him by cash”, and said that “badly and with bad faith destroyed this business”.
Foxconn also took a plane to a small EV start -up called Endiv, claiming that it will build the electric SUV at the Ohio plant. Endiev filed bankruptcy in October 2023 with less than $ 3 million in the bank. Foxconn had to build EVS for Fisker Inc. also. Fisker was deposited for bankruptcy in June 2024.
A fourth company, the Monarch Tractor, had no big effect, with Foxconn not making more than a few hundred electric tractors. Monarch CEO Praveen Penmetsa did not respond to an email request for comments about whether its tractors would continue to be manufactured in Ohio.
