FOXCONN TO PRODUCE MITSUBISHI MOTORS' ELECTRIC VEHICLES IN TAIWAN

Taiwan-based Foxconn, formally known as Hon Hai Precision Industry and a major producer of Apple’s iPhones, has secured a deal to manufacture electric vehicles (EVs) for Japan’s Mitsubishi Motors, with production set to begin in Taiwan.

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The agreement, confirmed by a source familiar with the matter, targets Australia and New Zealand for initial vehicle rollouts starting in late 2026, marking Foxconn's first major EV contract with a global automaker. For Mitsubishi, the partnership aims to reduce production costs and accelerate its EV lineup development, while Foxconn seeks to expand its automotive ambitions beyond consumer electronics.

Foxtron, a joint venture between Foxconn and Taiwan's Yulon Motor Co., will produce the EVs under a memorandum of understanding with Mitsubishi, as announced by both companies.

The deal follows Mitsubishi's discussions with Nissan and Honda on EV software development, with a proposed Honda-Nissan merger falling through in December 2024, opening opportunities for Foxconn.

The vehicles, expected to be compact urban EVs, align with Mitsubishi's goal to have all models as EVs or hybrids by 2035, amidst competition from Chinese EV makers like BYD. No financial details were disclosed, and production timelines remain unspecified beyond the 2026 target.

AGREEMENT DETAILS AND OBJECTIVES

Foxtron, leveraging Foxconn’s manufacturing expertise and Yulon’s automotive experience, will produce Mitsubishi's new EV model in Taiwan, with exports planned for Australia and New Zealand in the second half of 2026. The non-binding memorandum requires further negotiations, as stated by Mitsubishi and Foxtron representatives.