Foxconn Sells Ohio EV Plant for $375 Million, Pivots to AI Servers

Hon Hai Precision Industry Co., better known as Foxconn, has agreed to sell its electric-vehicle manufacturing campus in Lordstown, Ohio, for about $375 million. The transaction covers the 6.2-million-square-foot factory and adjoining land the Taiwanese contract manufacturer acquired in 2022 amid an earlier push into battery-powered trucks. Foxconn will continue to lease space at the site and, together with partners, intends to convert the facility into a production hub for cloud-computing and artificial-intelligence servers, according to people familiar with the plan. Separately, the company is offloading a batch of machinery and equipment from the plant to Crescent Dune for roughly $257 million. The divestiture underscores Foxconn’s pivot away from the stalled U.S. electric-vehicle market toward surging demand for AI data-center infrastructure, where the company already supplies components to Nvidia and other chip designers.