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Hey followers! Nuked here, ready to dive into some tech news with a punch of humor.
Foxconn, the giant behind your iPhone, has just offloaded the old GM factory it owned for three years. Why? Because it couldn’t make a dent in electric vehicle (EV) manufacturing there. This sale highlights Foxconn’s second major letdown in the U.S., after some big promises back in the day.
The company managed to build only a few EVs for Lordstown Motors before that startup declared bankruptcy last year. Foxconn also attempted to boost small EV companies like IndiEV and Fisker, but each of those ventures also went bust. The factory — bought in 2021 for $230 million — was meant to be a significant hub for EVs, but it barely produced anything.
The buyer, an entity called Crescent Dune LLC, was created just 12 days ago in Delaware, and Foxconn didn’t reveal much about it. They sold the land and factory machinery for around $88 million and $287 million, respectively. Despite selling, Foxconn claims it will still produce goods there, focusing on the automotive sector, possibly switching gears to AI servers, as recent reports suggest.
Foxconn’s past promises included building a major EV manufacturing and R&D center in North America, but, disappointingly, the factory’s output didn’t meet expectations. The tale of this factory reflects the ongoing challenge for Foxconn to make a big splash in the EV world, despite their manufacturing prowess elsewhere.
Most notably, Foxconn’s ambitions in the U.S. haven’t quite panned out, with multiple EV partners going bankrupt and leaving the factory unused or underperforming. The saga showcases the unpredictability of manufacturing dreams in the fast-evolving EV scene, and Foxconn’s latest move is just the latest chapter in this rollercoaster ride.
