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Taiwanese tech giant Foxconn’s electric vehicle division, Foxtron Vehicle Technologies, has signed a memorandum of understanding (MoU) with Japan's Mitsubishi Motors to jointly develop and supply a new electric vehicle model. This agreement marks Foxconn’s first major contract in the rapidly expanding EV industry.
According to the joint statement, the EV model will be developed by Foxtron, manufactured in Taiwan by Yulon Motor Co., and launched in the Oceania region—specifically Australia and New Zealand—in the second half of 2026. The companies described the vehicle as ideal for the region due to its excellent driving performance and advanced infotainment features.
Foxconn, also known as Hon Hai, is the world’s largest contract electronics manufacturer and builds devices for top global brands, including Apple’s iPhones. In recent years, the company has expanded into new areas including electric vehicles, semiconductors, and servers.
Industry experts note that Japanese automakers must seek strategic partnerships to stay competitive in the evolving automotive landscape. Foxconn has also expressed interest in acquiring Renault’s stake in Nissan and is seen as a potential partner for Honda, whose merger discussions with Nissan collapsed earlier this year.
China remains the world’s largest and most competitive EV market, with companies like BYD aggressively expanding their global footprint.
