TAIPEI (Reuters) -Foxconn said on Monday it had struck a deal to sell the former Lordstown factory in Ohio for $88 million, saying it planned to reinvest the proceeds in the United States and would continue to occupy the facility.

The Taiwanese company said in regulatory filings it had sold the Lordstown premises to a company called Crescent Dune LLC. In a separate statement, it described the buyer as an "existing business partner".

Foxconn purchased the plant in 2022 from now-bankrupt U.S. electric vehicle startup Lordstown Motors Corp for $230 million.