Three years ago, a former GM factory in Ohio seemed poised for a dramatic comeback. Foxconn, the Taiwanese electronics giant best known for assembling iPhones, purchased the site from Lordstown Motors with big plans to turn it into a hub for electric pickup trucks. But those ambitions never materialized. Now, the factory has quietly changed hands in a $375 million deal involving one of Foxconn’s existing partners.

Read: Foxconn Will Build EVs In The US But You’ll Never See Its Name On Them

Foxconn originally paid $230 million for the Lordstown facility, with the intent to make it a hub for its EV production and research in North America. It helped Lordstown build dozens of its all-electric Lordstown Endurance vehicles at the site, but the partnership quickly soured.

By June 2023, Lordstown had filed for bankruptcy. There were also intentions to manufacture Fisker’s Ocean SUV at the site, though those plans never progressed beyond early discussions.

Factory Sale and Shift in Focus

Recent Taiwan stock exchange filings reveal that Foxconn has sold the factory and land for $88 million. It also sold machinery and equipment for its electric vehicle subsidiaries for roughly $287 million. According to Tech Crunch, the factory has been sold to Crescent Dune LLC, which was formed in Delaware just 12 days ago.

Despite the transaction, Foxconn says it will continue operating the plant and plans to expand into “new business areas.” The Wall Street Journal reports that the facility will now pivot to manufacturing cloud computing hardware, specifically designed for AI applications.

Not Giving Up on EV Ambitions

While the decision to turn the factory from an EV hub into one focused on AI hardware may make it sound like Foxconn is backing away from the electric vehicle space, that doesn’t appear to be the case. The company plans to build a family of EVs, and has already previewed several of them as concepts.

As recently as this past March, it was reported that Foxconn planned to start building the electric Model C SUV in North America during the fourth quarter of this year.

It’s not just in-house EVs that Foxconn is interested in. The company is also expected to manufacture electric vehicles for two Japanese automakers, with speculation pointing to Mitsubishi and Nissan.

Though details remain unconfirmed, the partnerships could signal Foxconn’s continued commitment to becoming a major player in EV manufacturing, even as it diversifies its U.S. operations.