Taipei: Foxconn, the world’s largest electronics contract manufacturer and long-time assembler of Apple’s iPhones has taken a significant leap into the electric vehicle (EV) industry by announcing plans to build EVs for Japanese carmaker Mitsubishi Motors.
The project will be led by Foxtron, Foxconn’s EV-focused joint venture with Taiwan’s Yulon Motor. Under a newly signed memorandum of understanding (MoU), the two companies have agreed in principle that Foxconn will design and manufacture electric cars in Taiwan for Mitsubishi.
While the deal remains non-binding at this stage, both sides have confirmed that discussions are ongoing toward a definitive agreement. If finalized, this venture would mark Foxconn’s first major contract in the fast-growing and increasingly competitive EV industry.
The initial model is expected to launch by the end of 2025 and will target the Australia and New Zealand markets by the second half of 2026.
“Foxtron will provide design and manufacturing management services,” the companies announced in a joint statement, emphasizing their shared vision of advancing EV technology across new geographies.
The move comes at a critical time for Japanese carmakers like Mitsubishi, who are under mounting pressure from Chinese EV manufacturers.
Mitsubishi Motors, a junior partner in the long-standing Renault-Nissan-Mitsubishi alliance, has so far lagged behind in the global EV race. This partnership with Foxconn is seen as a potential catalyst to revitalize its EV portfolio and better compete with rising Chinese giants.
The collaboration underscores Foxconn’s growing ambitions in the EV space. The company, officially known as Hon Hai Precision Industry Co., has previously hinted at exploring partnerships with other automakers, including the possibility of buying a stake in Nissan Motor to facilitate entry into the auto industry.
By leveraging its manufacturing prowess and applying the same efficiency that made it a cornerstone of Apple’s supply chain, Foxconn hopes to replicate its success in the technology sector within the automotive domain.
