The Taiwanese tech manufacturer Foxconn, continues electric vehicle operations at Lordstown after transferring ownership to business partner Crescent Dune LLC.
Foxconn has sold its Lordstown facility in Ohio, US for $88 million to Crescent Dune LLC, a firm it identifies as an existing business partner. Despite the ownership transfer, Foxconn will continue its operations at the site, maintaining its electric vehicle (EV) production activities and existing workforce.
The deal is part of a broader strategy by Foxconn to optimise its US operations. The company plans to reinvest the proceeds from the sale into its American projects, particularly those focused on EVs and advanced manufacturing. This aligns with Foxconn’s shift towards expanding its industrial presence in the US beyond consumer electronics.
The Lordstown facility, once operated by General Motors, was previously acquired by EV startup Lordstown Motors Corp. That company purchased the plant following GM’s closure in 2019 but later sold it to Foxconn in 2022 for $230 million amid financial troubles and halted production. Foxconn’s entry into the site marked its diversification into EV manufacturing.
The latest sale, structured as a sale-and-leaseback arrangement, allows Foxconn to unlock capital without interrupting its operations. This model is common in manufacturing sectors and helps businesses redirect funds from real estate into high-growth initiatives such as research, production scaling, and partnerships.
While the difference between the purchase and sale price may appear significant, it reflects Foxconn’s ongoing financial and strategic realignment. The company aims to support long-term innovation by reallocating capital towards its EV and digital manufacturing ambitions.
Lordstown remains a critical part of Foxconn’s US footprint. With operations continuing at the site, the region stands to retain manufacturing jobs and possibly attract supporting industries. The move underlines Foxconn’s broader aim to establish itself in high-tech sectors such as EVs and semiconductors, strengthening its role in the evolving global supply chain.
