Foxconn is selling the former GM plant in Lordstown, Ohio, which it purchased from failed startup Lordstown Motors in 2022.
The facility was sold to Crescent Dunes LLC, an unknown company created 12 days ago in Delaware that Foxconn oddly described as an existing business partner.
Foxconn says it will continue to be involved with production operations at the plant and has announced plans to build an electric crossover under contract for a client in North America.
The Lordstown factory once held great promise. The former General Motors plant in Ohio was supposed to produce several game-changing electric vehicles, first from startup Lordstown Motors and then from Taiwanese electronics company Foxconn. Now, however, it's unclear if any of these plans will come to fruition, with Foxconn announcing the sale of the Lordstown factory, as reported by Automotive News.
The Deal Is Done
Foxconn—which builds iPhones under contract for Apple, along with semiconductors and other electronic devices—bought the factory in 2022. Foxconn is now selling the site's land and buildings for $88 million to a mysterious company called Crescent Dune LLC, according to documents sent to Taiwan's stock exchange and reviewed by Automotive News.
Separately, Foxconn is selling a batch of machinery and equipment from its EV Asset Management subsidiary to Crescent Dune for $257 million and another batch from its EV System LLC to Crescent Dune for $30 million. Very little is known about Crescent Dune LLC, which Foxconn described as an existing business partner. According to TechCrunch, the company was created only 12 days ago in Delaware.
Still, Foxconn—known officially as Hon Hai Precision Industry Co.—said it will keep operating at the Lordstown factory, continuing to "be involved in the manufacturing of products for customers." The company reiterated its interest in the automotive sector, stating that "Foxconn will be able to rapidly ramp up automotive production to meet customer demand when required." However, according to The Wall Street Journal, Foxconn is reportedly planning to build artificial intelligence servers at the facility.
Lordstown's Products
The factory was owned by General Motors until 2019, building an array of vehicles since its opening in 1966, from the Pontiac Firebird to the Chevy Cruze. In November 2019, the site was purchased by startup Lordstown Motors, which touted a pickup truck called the Endurance that featured four electric motors, one in each wheel hub.
Like many startups, Lordstown struggled financially and eventually sold the plant to Foxconn for $230 million. The Taiwanese company was supposed to oversee production of the Endurance; a short batch of Endurance trucks was built before Lordstown Motors went under in June 2023.
Foxconn was also supposed to build electric vehicles for startup Fisker at the Ohio facility, including the subcompact Pear crossover, which was claimed to start at under $30,000. Fisker went out of business in 2024 after selling the Ocean SUV in the United States for a brief period. Another potential customer, Indi EV, which aimed to launch a small crossover, went bankrupt in October 2023.
Currently, Foxconn manufactures the Monarch MK-V tractor, an electric autonomous farm tractor, at Lordstown, which is sold by California-based Monarch Tractor. It's unclear if production of the MK-V will continue after the sale of the factory.
Foxconn has also discussed building its own vehicles in the Lordstown factory. The company previously said it aims to launch a version of its Model C electric SUV in North America by the end of the year and claims it already has a U.S. client for the Model C. The vehicle would likely be built under contract for another company, like Foxconn does with the iPhone.
In Taiwan, the Model C is already sold by local manufacturer Yulon Motor Company as the Luxgen n7, which was the second-best-selling EV in 2024 in Taiwan, according to Automotive News. Foxconn's vehicles are designed and engineered by Foxtron, a subsidiary that is a joint venture between Foxconn and Yulon. It's unclear if the Model C is still set to be sold in the United States and under which brand it would be marketed, and if production of the Model C would occur at Lordstown now that Foxconn has sold the site.
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