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Foxconn buys Ohio car factory, could be used to build the Apple Car

By Cookie Monster - on 2 Oct 2021, 10:44am

Foxconn buys Ohio car factory, could be used to build the Apple Car

Image source: MacRumours

Foxconn, a major Apple supplier, is purchasing a former General Motors factory in Ohio.

According to Bloomberg, the purchase of the Ohio car factory is part of a $280 million deal with Lordstown Motors. The deal also includes $50 million worth of common stock in Lordstown Motors and the appointment of Foxconn to build the Endurance's electric pickup truck. 

The Apple supplier has been making vehicle-related investments in recent years. Besides confirming plans to build electric vehicles (EVs) in North America by 2023, Foxconn aims to invest over $354 million every year for the next three years on EV-related operations, semiconductors, and other new revenue streams. The latest deal to buy a car factory will put Foxconn in a better position to build EVs for Apple if the latter decides to enter the market in the future.

Foxconn is tipped as a contender to build the Apple Car due to its tight relationship with the iPhone maker. Apple is reportedly in talks with Chinese EV battery makers, Japanese and Korean suppliers for its EV project.

Source: Bloomberg via MacRumours

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