Foxconn sells former car factory in Ohio for $375m, plans to continue operations focusing on a broader range of products. The company did not specify the exact products but noted significant growth in its cloud and networking product business, with plans to support AI data centers at the facility.

The six million square foot site in Lordstown was acquired by Foxconn in 2022 for $230m from the bankrupt US electric vehicle startup Lordstown Motors Corp. Foxconn initially invested in the facility for electric pickup trucks but faced legal action that led to the sale to an existing business partner.

Despite the sale, Foxconn reaffirmed its commitment to automotive customers in the US and its capability to quickly scale up production when needed. The company’s recent activities, including a partnership with TECO Electric & Machinery and a joint development agreement with Elektrobit, signal its expansion beyond iPhone assembly.

Read more at Yahoo Finance: Foxconn to sell former car factory in Ohio for $375m