Foxconn Sells Former Gm Factory To Mystery Buyer After Failing To Make Evs

Foxconn has sold nan erstwhile GM mill it has owned for 3 years aft failing to guidelines up immoderate meaningful, large-scale electrical conveyance accumulation there.

The pivot marks nan 2nd awesome nonaccomplishment of Foxconn to present connected its promises to thief revive U.S. manufacturing. The iPhone-maker erstwhile promised to build a elephantine LCD mill successful Wisconsin — a task that Donald Trump called nan “eighth wonderment of nan world” during his first term — and coiled up underdelivering to an utmost degree.

Foxconn says nan purchaser is an “existing business partner” named “Crescent Dune LLC,” an entity that was created successful Delaware conscionable 12 days ago, according to records revenge pinch nan state. Matt Dewine, a spokesperson for Foxconn, declined to opportunity much astir nan buyer.

Foxconn sold nan mill and onshore for astir $88 cardinal and machinery and instrumentality from its EV subsidiaries for astir $287 million, Taiwan banal speech filings show.

A Foxconn typical told Automotive News nan institution will stay “involved successful nan manufacturing of products for customers astatine nan Lordstown facility” and claimed it is “committed to customers and suppliers” successful nan automotive industry. But The Wall Street Journal reported Monday that Foxconn now plans to build AI servers astatine nan factory. Dewine did not instantly respond to a petition for remark connected nan report.

Foxconn announced nan woody to bargain nan erstwhile GM works successful 2021 for $230 million, erstwhile it was still owned by EV startup Lordstown Motors. At nan time, Foxconn Chairman Young Liu said it was going to beryllium nan “most important electrical conveyance manufacturing and R&D hub successful North America.”

While Foxconn was processing EVs of its ain successful Asia, it was besides focused connected statement manufacturing successful nan United States. And, successful short order, 3 of nan electrical conveyance companies Foxconn hoped would inhabit nan mill went bankrupt.

Foxconn really built a fewer EVs astatine nan mill for nan now-defunct Lordstown Motors. But nan Taiwanese electronics elephantine coiled up successful a bitter conflict pinch that troubled EV startup. Lordstown Motors revenge for bankruptcy successful June 2023, and accused Foxconn — which had go an investor successful nan startup — of “starving it of cash,” and said it “maliciously and successful bad religion destroyed that business.”

Foxconn besides took a flier connected a mini EV startup called IndiEV, claiming it would build its electrical SUV astatine nan Ohio factory. IndiEV revenge for bankruptcy successful October 2023 pinch little than $3 cardinal successful nan bank. Foxconn was expected to build EVs for Fisker Inc arsenic well. Fisker filed for bankruptcy successful June 2024.

A 4th company, Monarch Tractor, has not had overmuch of an impact, pinch Foxconn making nary much than a fewer 100 electrical tractors. Monarch’s CEO, Praveen Penmesta, did not respond to an emailed petition for remark astir whether its tractors will proceed to beryllium built successful Ohio.