Amidst U.S. Strategy Shift, Foxconn Sells Lordstown, Ohio Plant for $88 Million

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As part of a strategic shift in its U.S. operations, Taiwan-based Foxconn (Hon Hai Precision Industry’s) subsidiaries are selling off assets at its Lordstown, Ohio, facility, the company announced on Aug. 4.

The site, covering 599.6 acres, with a building area of approximately 6.04 million square feet, is being sold to Crescent Dune for $88 million, with an expected disposal gain of around $15.69 million.

The subsidiaries are Foxconn EV Property Development, Foxconn EV Asset Management, and Foxconn EV System. The disposals include land, factory buildings, and machinery, totaling $375 million, with expected gains exceeding $170 million, according to Digitimes.

The other two transactions involve Foxconn EV Asset Management and Foxconn EV System, which are selling machinery and equipment with transaction amounts of $257 million and $30 million, respectively, totaling US$287 million. The company estimates a combined disposal gain of $154 million from these two deals.

Foxconn stated, however, that its North American Model C electric vehicle (EV) is not affected. The company said that with the growing demand for computing power, the company will continue to develop its EV industry while simultaneously focusing on AI development. In the U.S., Foxconn plans to prioritize a dual-track approach, advancing both EVs and AI servers.