Lordstown, Ohio: Electric truck maker Lordstown Motors Corp. has sold its Ohio factory to Foxconn Technology Group in Taiwan for $ 230 million.
Lordstown Motors signed a contract with General Motors to purchase the plant in late 2019.
The sale will provide the funds needed to mass produce an electric pickup truck named Endurance.
For Foxconn, Apple Inc.’s largest iPhone assembler, the factory will instantly give a foothold in car manufacturing in the United States as it drives the manufacture and sale of electric vehicles.
Industry observers say that selling the facility and running it in parallel with Foxconn could help Lordstown make better use of the facility. At peak times, 10,000 people were employed at the factory.
Lordstown CEO Dan Ninivaggi said in an August interview that he was looking for a partner to get the most out of his former Ohio’s largest employer.
“The key to unlocking economic potential is to maximize the value of the Lordstown facility,” Ninibagi said at the time. “We are exploring several options. It can take many different forms. It’s one of my jobs.”
Foxconn tries to build an electric car from the chassis as part of it. Xiaomi Corp from Apple. Just as major technology companies up to have invested heavily in next-generation mobility technology, they are rapidly entering the EV business.
In early 2021, Foxconn’s flagship unit, Hon Hai Precision Industry Co. Young Liu, chairman of the company, said the company is considering opening an electric vehicle manufacturing plant in Wisconsin.
Observers believe Foxconn’s purchase in Ohio will make it a competitor in the manufacture of electric vehicles for Apple.
Lordstown Selles Ohio Electric Vehicle Factory to Foxconn, Taiwan
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