Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Foxconn has sold the old GM factory that it has had for three years after failing to resolve any significant production of large -scale electric vehicles.
The pivot marks the second major failure of Foxconn to keep its promises to help revive American manufacturing. The iPhone manufacturer has promised once to build a giant LCD factory in Wisconsin – a project that Donald Trump called the “eighth wonder of the world” during her first mandate – and ended up underlying an extreme degree.
Foxconn says that the buyer is an “existing trading partner” called “Crescent Du LLC”, an entity that was created in Delaware barely 12 days ago, according to the files filed with the State. Matt Dewine, spokesperson for Foxconn, refused to say more about the buyer.
Foxconn sold the factory and the land for around $ 88 million and the machines and equipment of its EV subsidiaries for around $ 287 million, according to Taiwan scholarship documents.
A Foxconn representative said Automobile news The company will remain “involved in the manufacture of products for customers in the installation of Lordstown” and said that it was “committed to customers and suppliers” in the automotive industry. But the Wall Street Journal reported on Monday This Foxconn now plans to build AI servers at the factory. Dewine did not immediately respond to a request for comments on the report.
Foxconn announced the agreement to buy the old GM factory in 2021 for $ 230 million, while it still belonged to the startup EV Lordstown Motors. At the time, the president of Foxconn, Young Liu, said that it would be the “manufacturing of the most important electric vehicles and Hub R&D in North America”.
While Foxconn developed electric vehicles in Asia, it was also focused on making contracts in the United States. And, in a short time, three of the electric vehicle companies, Foxconn, hoped that the factory was going to go bankrupt.
Techcrunch event
San Francisco
|
October 27-29, 2025
Foxconn has in fact built some electric vehicles at the factory for the Lordstown Motors now missing. But the Taiwanese electronics giant found itself in a bitter fight with this startup EV in difficulty. Lordstown Motors filed a bankruptcy in June 2023 and accused Foxconn – who had become an investor in the startup – “the hungry for liquidity”, and said it “maliciously and bad faith destroyed this business”.
Foxconn also took a leaflet on a small startup EV called Indiev, saying that it would build its electric SUV at the Ohio factory. Indiev has filed a bankruptcy in October 2023 With less than $ 3 million in the bank. Foxconn was supposed Build electric vehicles for Fisker Inc Also. Fisker Failed in June 2024.
A fourth company, a tractor monarch, has Not much impactWith Foxconn not making more than a few hundred electric tractors. The CEO of Monarch, Praveen Pengeta, did not respond to a request sent by e-mail to comment if his tractors will continue to be built in Ohio.
(Tagstranslate) Electric vehicles (T) EVS (T) Foxconn
Source link