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Foxconn has finally sold the former GM factory it owned for three years, where they failed to kickstart any significant electric vehicle production. The company’s track record in the U.S. has been less than stellar, with a failed promise to build a massive LCD factory in Wisconsin during Trump’s term. Now, the buyer, “Crescent Dune LLC,” a new entity in Delaware, has taken over the factory and land for $88 million, along with machinery and equipment for $287 million.
Foxconn had big plans for the former GM plant, envisioning it as a key hub for electric vehicle manufacturing and R&D in North America. However, their partnerships with various EV companies quickly soured, resulting in bankruptcies and accusations of cash starvation. Despite building a few EVs for Lordstown Motors, Foxconn’s involvement with the troubled startup ended in legal battles and financial woes.
Amidst the failures, Foxconn’s focus seems to be shifting towards building AI servers at the factory, leaving their electric vehicle dreams behind. The company remains committed to manufacturing products for customers at the Lordstown facility, but their future in the automotive industry remains uncertain. As they pivot once again, only time will tell what’s next for Foxconn in the ever-evolving world of technology and manufacturing.
