6 days Ago
The companies expect to launch the new model by the end of next year. If finalized, this would mark Foxconn's first major automotive contract in the increasingly competitive EV sector.
Targeting Global Markets
According to the announcement, the new Mitsubishi EVs are expected to hit markets in Australia and New Zealand by the second half of 2026. Foxtron will provide both design and manufacturing management services under the agreement.
While this partnership is still in its early stages, both companies confirmed they are working toward a more detailed, legally binding deal in the future. This move reflects Foxconn's broader ambitions in the car industry, including earlier interest in collaborating with Japan's Nissan Motor.
Competition From China Spurs Action
Mitsubishi, a junior partner in the Nissan-Renault alliance, is among several Japanese carmakers trying to keep up with rising Chinese EV manufacturers. Brands like BYD have quickly gained ground in markets across Asia, South America, and Europe.
With China emerging as a dominant force in EV production, traditional carmakers are seeking strategic partnerships to stay relevant. Foxconn's entry into the field signals its effort to diversify beyond electronics and become a serious player in the automotive world.
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