Donald Trump told you not to sell your house. You should have listened. Lordstown Motors who bought auto plant from GM for 20 million sells it for 230 million. This auto plant at one time had 15,000 employees. After the Obama years they were down to 3,000. But before Obama left GM announced that 1,500 more were losing their jobs. When Trump came into office they announced that they were closing. Trump said don’t panic. 500 retired and about 500 transferred to other plants. The 500 who stayed are mostly glad they did.
During the Trump years almost 2,500 jobs were added. Another 2,000 or so will come within the next 6-8 months. Now Lordstown motors. They bought the plant that has 6.2 million square feet for 20 million. Sold it for 230 million. Plus the buyer invested 50 million in Lordstown motors stock. Buyer is Hon Hai Precision Industry Co. They also will be manufacturing other electronic products in this plant.
They also own Foxconn. Foxconn who makes the Apple I phone for Apple. They will be manufacturing the Endurance for Lordstown motors.
One of the projects Foxconn will build at the Lordstown plant is Fisker Inc.’s Project Pear, which stands for Personal Electric Automotive Revolution, company CEO Henrik Fisker said in an interview. That model is scheduled to start production in the first quarter of 2024 with minimum planned production of 150,000 vehicles a year — and eventually 250,000 annually, he said.
Fisker’s CEO said he doesn’t want to reveal too much about the design of his company’s Project Pear except to say that it will target young urban dwellers and sell at a starting price under $30,000.
In April, Foxconn drastically scaled back a planned $10 billion factory in Wisconsin, a project former U.S. President Donald Trump once called “the eighth wonder of the world.”
Foxconn reduced its planned investment to $672 million from $10 billion and cut the number of new jobs to 1,454 from 13,000. It had proposed a 20-million-square-foot manufacturing campus in Wisconsin that would have been the largest investment in U.S. history for a new location by a foreign-based company.