Foxconn sells former GM factory to mystery buyer after failing to make EVs

Foxconn has sold the former General Motors factory in Ohio, which it acquired in 2021 for $230 million, after failing to establish significant large-scale electric vehicle (EV) production there. The sale, including the factory, land, and machinery, totaled approximately $375 million, with the buyer identified only as “Crescent Dune LLC,” a newly formed Delaware entity. This marks Foxconn’s second major setback in fulfilling its U.S. manufacturing promises, following its underwhelming LCD factory project in Wisconsin. While Foxconn claims it will continue manufacturing automotive products at the Lordstown facility, reports indicate the company now plans to pivot the factory toward building AI servers. Foxconn’s EV ambitions at the Lordstown plant were undermined by the bankruptcy of three key EV startups it partnered with: Lordstown Motors, IndiEV, and Fisker Inc. Foxconn had a contentious relationship with Lordstown Motors, which filed for bankruptcy in June 2023 and accused Foxconn of undermining