Foxconn has sold its former GM factory after failing to initiate large-scale electric vehicle production. This marks a significant setback in Foxconn's attempts to bolster U.S. manufacturing, following an earlier unmet promise to construct a major LCD factory in Wisconsin. The new buyer, Crescent Dune LLC, was created shortly before the sale, and the transaction included approximately $88 million for the factory and land and $287 million for equipment. Foxconn now intends to repurpose the facility for building AI servers instead of continuing with electric vehicles.
Foxconn's failure to establish large-scale electric vehicle production at the former GM factory in Ohio has led to the sale of the facility to Crescent Dune LLC, a new business partner.
The deal to acquire the factory was initially made for $230 million in 2021, with Foxconn promising to turn it into a significant EV manufacturing and R&D hub for North America.
Despite intentions to revive U.S. manufacturing, Foxconn's attempts to partner with electric vehicle companies resulted in three of them going bankrupt.
Foxconn’s future plans for the site appear to have shifted towards building AI servers, indicating a departure from its electric vehicle ambitions.
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