Foxconn Exits US EV Manufacturing, Sells Ohio Plant

Foxconn has sold its Lordstown, Ohio manufacturing facility for US$375 million, signaling a strategic shift away from its previously announced electric vehicle (EV) manufacturing plans in the United States. The facility, acquired in 2022, was sold to Crescent Dune, a newly formed Delaware-based entity.

According to documents filed with the Taiwan Stock Exchange and reported by Automotive News, the transaction breaks down as follows: 

• US$88 million for the land and factory buildings

• US$257 million for machinery and equipment managed by Foxconn’s subsidiary EV Asset Management 

• US$30 million for additional assets handled by EV System LLC, also a Foxconn subsidiary.

Foxconn stated it will continue operating at the Lordstown facility as a contract manufacturer for existing clients, including California-based Monarch Tractor, which currently produces its autonomous electric tractor, the Monarch MK-V, on site. The company emphasized its intention to remain active in the automotive sector. “Foxconn will be able to rapidly ramp up automotive production to meet customer demand when required,” the company said in an official statement.

However, reports from The Wall Street Journal indicate Foxconn may be planning to convert the site to build servers for artificial intelligence (AI), marking a pivot away from automotive assembly.

Foxconn's attempts to secure long-term manufacturing projects at the site included agreements with startups Fisker and Indi EV. Foxconn was expected to build Fisker’s Pear subcompact crossover and Indi’s small EV crossover, but both companies have since gone bankrupt—Fisker in 2024 and Indi EV in late 2023.

"The region around Ohio and Pennsylvania was counting on this plant to generate spillover manufacturing contracts," said a source familiar with regional supply chain dynamics. The sale may prompt supply chain realignment toward more established EV assembly operations in the southern US and Mexico, where OEMs have defined long-term EV programs.

Foxconn also emphasized that its automotive production capabilities remain intact, particularly in Asia. "We are still developing EVs through our partnership with Yulon Motor," the company stated. Foxconn has recently signed agreements with Mitsubishi to distribute vehicles in markets such as Australia and New Zealand.