by Foxconn Sells Lordstown Motors Plant and Shifts Focus
Foxconn, the Taiwanese electronics manufacturer known for assembling the iPhone, has sold the former Lordstown Motors plant in Ohio for $375 million. This facility, which was previously owned by General Motors, was supposed to become a center for electric vehicle production, but the plans did not materialize. The plant and equipment were purchased by Crescent Dune LLC, a company registered in Delaware just 12 days ago.
Foxconn initially bought the plant for $230 million, hoping to produce the Lordstown Endurance electric pickups and Fisker Ocean SUV there. However, Lordstown Motors went bankrupt, and the deal with Fisker never moved beyond negotiations. The company now plans to retool production for cloud computing and artificial intelligence equipment.
Foxconn Is Not Giving Up on Electric Vehicles
Despite the sale of the plant, Foxconn states that it continues to develop its EV projects. The company intends to launch its own electric models, including the Model C SUV, which they plan to start producing in North America later this year. Foxconn is also in talks with Japanese automakers, likely Mitsubishi and Nissan, regarding the contract manufacturing of their electric vehicles.
Although the Ohio plant will no longer be the primary EV production hub, Foxconn continues to seek new opportunities in this industry. The company demonstrates flexibility by adapting to market conditions, but its long-term ambitions in the electric vehicle sector remain unchanged. Simultaneously, Foxconn is actively investing in future technologies, such as AI and cloud services.
