Posted on 05 Aug 2025
Taiwanese electronics manufacturer Foxconn has agreed to sell its electric vehicle factory in the US state of Ohio for $88 million, Kallanish understands.
In a stock exchange filing on Monday, the group, also known as Hon Hai Precision Industry, says the buyer is Crescent Dune, a US company registered in Delaware. Foxconn had acquired the plant in 2022 for $230m from collapsed EV startup Lordstown Motors, and said that Ohio will become its electric vehicle hub in North America.
The pair formed a joint venture, with Foxconn acquiring a 55% stake for $55m, plus providing Lordstown a $45m loan to buy the remaining 45% stake. A year later, whilst filing for bankruptcy, Lordstown sued Foxconn for allegedly misleading it over plans to collaborate on EV production. The litigation is ongoing.
Foxconn will continue using the Ohio facility, which will be expanded to make other products aligned with its strategic priorities, such as technology for artificial intelligence data centres, Reuters reports. Last week, Foxconn and competitor Teco Electric & Machinery signed an AI alliance to share AI infrastructure and “propel the two Taiwanese tech majors into key markets in the global super-computing race.”
Source:Kallanish
