Apple supplier Foxconn is divesting its electric vehicle manufacturing facility in Lordstown, Ohio, for $375 million, marking another retreat from the troubled EV sector as the Taiwanese giant reallocates resources toward artificial intelligence infrastructure.
The world’s largest contract electronics manufacturer sold the 6.2 million square-foot plant and related equipment to business partner Crescent Dune LLC, according to regulatory filings Monday. Foxconn will record a disposal gain of approximately $170 million on the transaction.
The facility, originally purchased from bankrupt startup Lordstown Motors for $230 million in 2022, represents Foxconn’s latest step back from electric vehicle ambitions. Despite the sale, Foxconn indicated it will continue operating at the site, focusing on what it described as “a broader range of products aligned with strategic priorities.”
Sources familiar with the matter said the Ohio facility will support artificial intelligence data centers, aligning with Foxconn’s expanding partnership with Nvidia. The companies have announced plans to build multiple “AI factories” globally, with Foxconn leveraging its manufacturing scale to produce AI infrastructure systems.
The Lordstown plant previously assembled General Motors’ Chevrolet Cruze until 2019 and has capacity for 350,000 vehicles annually. Foxconn’s pivot reflects broader industry challenges as EV demand growth slows while AI infrastructure investment accelerates.
