Foxconn sells former GM factory to mystery buyer after failing to make EVs

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Foxconn has sold the former GM factory it has owned for three years after failing to stand up any meaningful, large-scale electric vehicle production there.

The pivot marks the second major failure of Foxconn to deliver on its promises to help revive U.S. manufacturing. The iPhone-maker once promised to build a giant LCD factory in Wisconsin — a project that Donald Trump called the “eighth wonder of the world” during his first term — and wound up underdelivering to an extreme degree.

Foxconn says the buyer is an “existing business…



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Foxconn sells former GM factory to mystery buyer after failing to make EVs


Foxconn has sold the former GM factory it has owned for three years after failing to stand up any meaningful, large-scale electric vehicle production there.

The pivot marks the second major failure of Foxconn to deliver on its promises to help revive U.S. manufacturing. The iPhone-maker once promised to build a giant LCD factory in Wisconsin — a project that Donald Trump called the “eighth wonder of the world” during his first term — and wound up underdelivering to an extreme degree.

Foxconn says the buyer is an “existing business…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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