Foxconn and Mitsubishi Sign MoU to Manufacture EVs, Launch Targeted for Late 2026
One of the most well-known electronics OEMs in the world, Foxconn, has been eyeing the global EV market for a number of years. It has displayed a number of models that it claims can be customized and marketed by automakers under their own names. It is currently on the verge of acquiring Mitsubishi Motors Corporation, a significant client. After signing a memorandum of understanding, the two businesses have stated that talks are moving closer to a definitive agreement.
The agreement would see Foxconn supplying EVs that it manufactures and customises at its own facilities, using its own technology platforms via its Foxtron subsidiary. The first model is expected to be targeted at Australia and New Zealand, and could hit the market by late 2026.
It is not yet clear what kind of car the first model will be, or what features and capabilities it will offer. As per a company statement, it will feature a very capable infotainment system and “excellent driving performance”, as per a company statement.
Foxconn also added that it looks forward to the business arrangement, which will drive expansion for both companies. Foxtron will provide design services, and the vehicle will be manufactured by Yulon Motor in Taiwan. Foxtron is a joint venture between Foxconn and Yulon.
Mitsubishi, in its own statement, said that this announcement is in line with its product plan for the Oceana region, which is mapped out till at least 2030. It will also be updating and introducing new hybrid and electric models, leveraging its alliances with Nissan Motor Co and Renault Group.
Foxconn has recently been in the news for stating that was interested in partnering with Nissan, amid the larger Japanese automaker’s highly publicised financial struggles and its failed bid to merge with Honda Motor Co. The Taiwanese OEM giant had also been rumored to be a surprise potential buyer for Nissan.
Foxtron has had only minor success finding partners and markets for its EV models outside of Taiwan so far.
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