Foxconn sells its previous GM plant it owned for three years after failing to build up a massive, meaningful electric vehicle production.
Pivot shows the second major failure to fulfill its promise to help Foxconn revive US manufacturing. The iPhone maker once promised to build a huge LCD factory in Wisconsin. This was a project that Donald Trump called “the eighth wonder of the world” during his first term, but it is lacking to an extreme degree.
Foxconn said the buyer was a “Crescent Dune LLC” named “Crescent Dune LLC” named “Crescent Dune LLC”, according to records filed with the state. Foxconn spokesman Matt Dewine refused to say more about the buyers.
Foxconn sells its factories and land for around $88 million and its machinery and equipment from its EV subsidiary for about $287 million.
A representative from Foxconn told Automotive News that the company is “involved in the manufacture of products for its Lordstown facilities’ customers,” claiming it is “committed to customers and suppliers” in the automotive industry. However, the Wall Street Journal reported on Monday that Foxconn is planning to build AI servers at its factory. DeWine did not immediately respond to requests for comment on the report.
Foxconn announced an agreement to purchase the former GM plant for $230 million in 2021, when EV Startup Lordstown Motors was still owned. At the time, FOXCONN Chairman Young Liu said it would become “the most important electric vehicle manufacturing and R&D hub in North America.”
Foxconn was developing its own EV in Asia, but also focused on contract manufacturing in the US. And in a short order, Foxconn wanted three electric car companies to go bankrupt.
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Foxconn actually built several EVs in the factory for the now-deprecated Lordstown Motors. However, the Taiwanese electronics giant has been caught up in a fierce battle with the troubled EV startup. Roadstown Motors filed for bankruptcy in June 2023, accusing Foxconn of “starving cash” and “becoming a startup investor,” and saying that he “maliciously destroyed the business.”
Foxconn also took the flyer with a small EV startup called Indiev and claimed to build an electric SUV at its Ohio factory. Indiev filed for bankruptcy with the bank in October 2023 for less than $3 million. Foxconn is supposed to build an EV for Fisker Inc. Fisker filed for bankruptcy in June 2024.
The fourth company, Monarch Tractor, hasn’t had much of an impact, and Foxconn hasn’t made hundreds of electric tractors. Monarch CEO Praveen Penmetsa did not respond to an email request in commenting whether the tractor would continue to be built in Ohio.
