SoftBank Buys Foxconn’s Ohio EV Factory for $375 Million to Boost $500 Billion Stargate AI Project with OpenAI and Oracle

Taiwanese electronics manufacturer Foxconn has sold its electric vehicle (EV) factory in Lordstown, Ohio, for $375 million. The sale is part of Foxconn's strategic shift to focus on assembling AI servers and cloud computing hardware at the facility, targeting clients such as Nvidia and Apple. Despite the sale, Foxconn will continue to occupy and operate the premises. The buyer has been identified as SoftBank Group, which plans to use the Ohio plant to accelerate its $500 billion Stargate data center project in the United States, a collaboration involving OpenAI and Oracle. This acquisition aligns with SoftBank's efforts to expand its AI infrastructure, although its Stargate project has experienced some delays. The transaction marks a notable development in the evolving landscape of AI data center investments and the repurposing of manufacturing facilities to meet growing demand for AI hardware.