iPhone-maker Foxconn sells former GM factory that its chairman had called ‘most important electric vehicle manufacturing and R&D hub in North America’, says …

Foxconn has sold the former General Motors (GM) factory in Ohio which it acquired three years ago, via TechCrunch. The plant, which was supposed to become a key electric vehicle (EV) manufacturing site, has failed to manufacture any major EV. In a regulatory filing with the Taiwan Stock exchange, Foxconn announced that it sold the factory and surrounding land for about $88 million. It also sold machinery and equipment from its EV businesses for $287 million. The buyer is named Crescent Dune LLC, a business created in Delaware just 12 days before the sale. Foxconn did not provide more details about the buyer.

Foxconn bought the factory in 2021 for $230 million when it was owned by EV startup Lordstown Motors.