TAIPEI (TVBS News) — Foxconn (鴻海) announced Monday (Aug. 4) its decision to sell its Ohio electric vehicle plant's land, buildings, and equipment to CRESCENT DUNE LLC. The transaction, valued at US$375 million, aims to optimize asset utilization and enhance operational performance. Foxconn expects a disposal profit of US$169 million from this deal.
Foxconn's subsidiary, Foxconn EV Property Development LLC, sold the Lordstown plant's land and buildings for US$88 million, generating a profit of US$15.69 million. Additionally, Foxconn EV Asset Management LLC disposed of machinery and equipment for US$257 million, with a profit of US$151.23 million, while Foxconn EV System LLC sold equipment for US$30 million, yielding a profit of US$2.43 million.
The company plans to reinvest the proceeds in the U.S., focusing on modular AI data centers in collaboration with Taiwanese industrial electric motor manufacturer TECO Electric & Machinery (東元) to meet the growing demand for AI applications. Foxconn's strategic shift aligns with President Donald Trump's Stargate Project, which SoftBank, OpenAI, and Oracle jointly fund with a US$500 billion investment.
Foxconn acquired the Lordstown plant in Nov. 2021 from Lordstown Motors, marking a significant move in the electric vehicle manufacturing sector. Despite selling the assets, Foxconn will continue using the facilities and maintain its commitment to the U.S. automotive market.