Foxconn just sold its troubled Lordstown EV factory after failing to build any large-scale electric car production there. The sale closes a chapter of broken promises on U.S. manufacturing revival.
The buyer is an “existing business partner” named Crescent Dune LLC, created just 12 days before the sale. Foxconn kept tight-lipped about who’s behind it. The factory and land went for about $88 million, while EV machinery and equipment fetched roughly $287 million, according to Taiwan stock filings.
Foxconn told Automotive News it will stay involved manufacturing products at Lordstown, pledging commitment to customers and suppliers. But The Wall Street Journal reported Foxconn plans to pivot the facility into an AI hardware factory. Foxconn has yet to comment on that report. 
The factory was bought from EV startup Lordstown Motors in 2021 for $230 million. Foxconn chairman Young Liu called it “the most important electric vehicle manufacturing and R&D hub in North America” back then. That vision didn’t pan out.
Three EV companies Foxconn hoped to support at Lordstown — Lordstown Motors, IndiEV, and Fisker — all went bankrupt. Lordstown went under in June 2023, bitterly accusing Foxconn of “starving it of cash” and destroying the business.
IndiEV filed for bankruptcy in October 2023, with less than $3 million in the bank. Fisker went bankrupt in June 2024. Foxconn did build some electric tractors with Monarch Tractor, but they never took off.
Matt Dewine, Foxconn’s spokesperson, declined to disclose more about the Crescent Dune buyer or future plans.
Foxconn’s second major U.S. manufacturing stumble follows underwhelming delivery on its huge Wisconsin LCD plant promise — once hyped by Donald Trump as an “eighth wonder of the world.”
Foxconn’s Lordstown EV gamble is officially over. The factory’s next chapter may be AI hardware, if reports hold true.
Foxconn will remain “involved in the manufacturing of products for customers at the Lordstown facility” and is “committed to customers and suppliers” in the automotive industry.
— Foxconn spokesperson Matt Dewine
