Foxconn, globally recognized for its role in producing Apple's iPhones, is divesting its Lordstown, Ohio, automotive manufacturing plant. This facility, originally a General Motors site, was earmarked for electric vehicle (EV) production, including the ill-fated Lordstown Endurance electric pickup. The sale is occurring despite previous aspirations to establish the plant as a significant EV manufacturing hub. This transaction signals a strategic pivot for the Taiwanese giant in its American automotive endeavors.
The former General Motors assembly complex in Lordstown, Ohio, was originally constructed in the 1960s. It boasts the capability to produce hundreds of thousands of vehicles annually when fully operational. In 2019, Workhorse Group, the company behind the ill-fated Lordstown Endurance electric pickup, acquired the facility. Subsequently, in 2022, Foxconn, officially known as Hon Hai Precision Industry Co., purchased the site for $230 million with the explicit goal of transforming it into a vital center for electric vehicle contract manufacturing.
The buyer of the Lordstown facility is an enigmatic entity named \"Crescent Dune LLC.\" According to filings with Taiwan's stock exchange and reports from Automotive News, this new company will pay a total of $375 million for the plant's buildings, land, equipment, and machinery. Curiously, Foxconn has stated that Crescent Dune LLC is an \"existing business partner,\" yet TechCrunch reports that the company was established in Delaware less than two weeks before the sale announcement, raising questions about its nature and long-term plans for the site.
The total sale amount of $375 million is divided into several transactions. The factory and land component of the sale accounts for approximately $88 million. In addition, one portion of machinery and equipment will be transferred through a separate $257 million deal by Foxconn's EV Asset Management subsidiary. A further $30 million worth of equipment will be sold by EV System LLC, another subsidiary of the Taiwanese conglomerate.
Despite this significant sale, a Foxconn representative affirmed that the company intends to maintain its involvement in the manufacturing of products for various customers at the Lordstown facility. The company reiterated its dedication to clients and suppliers within the automotive sector, asserting its capacity to quickly scale up vehicle production as customer demand dictates. This statement suggests that while ownership of the plant is changing hands, Foxconn's operational presence may endure, albeit under new arrangements. Reports from The Wall Street Journal indicate that Foxconn may pivot towards manufacturing artificial intelligence (AI) servers at the site, diversifying its strategic use of the property.
The Lordstown facility's journey has been tumultuous. After Foxconn's acquisition in 2022, the plant did manage to assemble a limited number of electric pickups before Lordstown Motors declared bankruptcy in June 2023. Prior to this, several emerging automotive companies, including Fisker, had engaged in discussions with Foxconn regarding the production of their electric vehicles at the Ohio plant, but these collaborations ultimately did not materialize. Currently, the Lordstown factory is engaged in assembling electric tractors for Monarch, a California-based startup. Beyond these contract manufacturing arrangements, Foxconn has also been actively developing its own electric vehicles in Asia through a joint venture with Yulon. Their strategy involves offering a complete, ready-to-brand electric vehicle platform to other automakers. The Model C, an electric crossover, debuted last year in Taiwan as the Luxgen n7 and was projected to enter the U.S. market this year. Furthermore, Foxconn is slated to produce Mitsubishi-branded electric vehicles next year, intended for the Australian and New Zealand markets, showcasing its broad ambitions in the electric mobility space despite the recent divestment.
The disposition of the Lordstown factory signifies a notable adjustment in Foxconn's aspirations within the electric vehicle manufacturing landscape. Although the precise long-term intentions for the site under its new ownership remain to be fully unveiled, the move underscores the evolving dynamics and challenges within the burgeoning EV industry and Foxconn's adaptable approach to its diverse portfolio.
Drive Electric, Save Big: August's Hottest EV Lease Offers!
Unlocking Value: The Strategic Importance of August's EV Lease Market
The current period signals a pivotal moment for electric vehicle acquisition, primarily driven by two critical factors: the imposition of a 25% tariff on imported electric vehicles and the approaching expiry of the federal tax credit on September 30. These economic shifts are prompting car manufacturers to roll out highly competitive lease incentives, making August an opportune time for consumers contemplating a transition to electric mobility. Industry experts have identified a selection of prime lease agreements that underscore the urgency and potential savings available to prospective EV drivers.
The 2025 Honda Prologue: Innovative Leasing for the Astute Driver
Honda is offering an innovative lease program for its 2025 Prologue, presenting an equivalent monthly cost of $200. A unique aspect of this offer is the “One Pay Lease” option, where a single upfront payment of $4,800 covers a 24-month lease, providing a nearly 2% saving compared to traditional monthly payment schemes. Alternatively, a conventional payment structure of $159 per month for 24 months, with an initial payment of $1,099, is also available, positioning the Prologue as one of the most economically viable electric SUV leases. However, these attractive terms are predominantly accessible in California and other CARB-compliant states and typically necessitate a $3,500 loyalty or conquest bonus, targeting existing Honda lessees or those transitioning from competitor brands. It is crucial to note that these advantageous deals leverage an EV lease loophole to incorporate the $7,500 tax credit, which will no longer be available post-September 30, suggesting that purchasing might become more appealing after this date.
The 2025 Volkswagen ID.4: Unprecedented Savings on Electric Mobility
Volkswagen has dramatically reduced the lease rates for its ID.4, making the 2025 ID.4 Pro RWD model available for just $129 per month over 24 months, with an annual mileage allowance of 10,000 miles. This translates to an effective monthly expenditure of merely $233, representing a substantial decrease of $264 from its previous cost. The effective interest rate on this lease is virtually zero, a significant improvement from the previous 1%. Furthermore, Volkswagen is offering up to $9,250 in lease incentives, depending on the trim level, with the base Pro RWD model receiving $7,500 in benefits. This exceptional offer is valid only until August 31, urging prompt action from interested parties.
The 2025 Hyundai IONIQ 5: A Competitive Edge in EV Leasing
Hyundai has unveiled one of the summer's most compelling electric vehicle lease deals for its updated 2025 IONIQ 5 SE Standard Range. This model can be leased for $149 per month for 36 months, with a 10,000-mile annual limit and an initial payment of $3,999. The effective monthly cost is $260, nearly $100 less than the previous month's offer. For those desiring extended range and with a slightly more flexible budget, the SE Long Range variant is available for an additional $40 per month ($189/month), providing a significant range increase for a modest price difference. These offers remain valid until September 2.
The 2025 Hyundai IONIQ 6: Style Meets Affordability
The 2025 Hyundai IONIQ 6 SE Standard Range is presented at an appealing lease rate of $169 per month for 24 months, allowing for 12,000 miles annually, alongside an upfront payment of $3,999. This calculates to an effective monthly cost of $336, solidifying its position as a strong value proposition, particularly with the current lease incentives. Hyundai is providing up to $11,750 in lease cash for the IONIQ 6, with an additional $1,000 "Inventory Coupon" for vehicles that have been in stock for over 180 days, surpassing last month's incentives. These advantageous terms are available through September 2, making the IONIQ 6 an excellent choice for consumers prioritizing sleek design, efficient performance, and cost-effectiveness.
The 2025 Subaru Solterra: Exceptional Value in the Electric SUV Segment
The 2025 Subaru Solterra has emerged as one of the most budget-friendly electric vehicles to lease. It is currently offered at $279 per month for 36 months, with an equivalent initial payment of $279. This results in an incredibly low effective monthly cost of $287, representing an outstanding value for an all-electric SUV with a Manufacturer's Suggested Retail Price (MSRP) approaching $40,000. To contextualize, the 2025 Honda CR-V Hybrid, a comparable vehicle, has an effective monthly cost of $486, highlighting the Solterra's superior affordability. This offer concludes on September 2, providing a limited window for prospective lessees to secure this advantageous deal.
In a significant development for the electric vehicle sector, the Chevrolet Equinox EV has achieved remarkable sales figures, marking its best month ever in July. This electric crossover from General Motors sold over 8,500 units, establishing itself as the highest-selling non-Tesla electric vehicle. This impressive performance highlights the growing diversity within the EV market beyond Tesla's dominance and underscores the impact of government incentives on consumer purchasing decisions. The success of the Equinox EV, particularly its competitive pricing and substantial range, positions it as a compelling choice for a broad spectrum of buyers, even as the landscape of EV tax credits faces impending changes.
General Motors reported a surge in its electric vehicle sales for July, with the Equinox EV being a primary driver of this growth. The company disclosed that it moved more than 8,500 units of the Equinox EV during the month, setting a new benchmark for non-Tesla electric vehicle sales. This accomplishment surpasses previous records held by other prominent non-Tesla EVs, including the Ford Mustang Mach-E. The robust sales figures for the Equinox EV are a clear indicator of its increasing popularity and its role in expanding GM's electric vehicle portfolio.
A key factor contributing to the Equinox EV's appeal is its value proposition. With a starting price of around $35,000 for the base, front-wheel-drive model, and an EPA-estimated range of 319 miles, it offers an exceptional balance of affordability and performance. This competitive pricing strategy stands out in an electric vehicle market often characterized by high-end and luxury offerings, where the average new EV typically costs nearly $60,000. The Equinox EV's accessibility makes electric mobility a more viable option for a wider consumer base.
The current federal electric vehicle tax credit, which provides a $7,500 rebate for eligible vehicles, significantly enhances the Equinox EV's attractiveness, bringing its effective price below $30,000. This incentive has been a powerful catalyst for EV sales across the industry, particularly for electric vehicle leases. However, the future of this tax credit is uncertain, with its expiration slated for September 30 under the recently enacted One Big Beautiful Bill Act. General Motors acknowledges that this impending deadline is likely motivating consumers to accelerate their EV purchases, leading to the current surge in demand.
Industry analysts anticipate a volatile period for electric vehicle sales in the U.S. market. While the third quarter is expected to see strong sales as consumers rush to take advantage of the disappearing tax credit, a subsequent slowdown is projected once the incentive is no longer available. This dynamic poses a challenge for EV manufacturers, as they navigate a market that has been heavily influenced by government support. Nevertheless, the Chevrolet Equinox EV's strong performance suggests a growing consumer appetite for well-priced, long-range electric options, signaling a maturing electric vehicle landscape where competition beyond Tesla is steadily intensifying.