Foxconn, renowned for manufacturing Apple’s iPhones, has revealed its intentions to enter the electric vehicle (EV) market in collaboration with Japanese automotive powerhouse Mitsubishi Motors.
A preliminary agreement has been reached, allowing a Foxconn joint venture to take on the design and construction of vehicles in Taiwan for Mitsubishi.
According to the companies, the new model is anticipated to launch by the end of next year, marking Foxconn’s inaugural significant contract in the rapidly expanding and fiercely competitive electric vehicle sector.
Japanese car manufacturers, including Mitsubishi, are encountering increasing competition from mainland Chinese counterparts, especially in markets across South East Asia, South America, and Europe.
According to the companies, the vehicles will be manufactured by Foxtron, Foxconn’s electric vehicle joint venture with Taiwanese automotive manufacturer Yulon Motor.
According to the statement, Foxtron will offer design and manufacturing management services. The model is anticipated to launch in the Australian and New Zealand markets in the latter half of 2026.
Currently, the arrangement is a memorandum of understanding, a non-binding agreement between the two companies. The companies have announced their intention to proceed with discussions to reach a definitive agreement.
Foxconn is the largest contract electronics manufacturer globally, serving prominent technology firms, including Apple, among its clientele.
The company had previously indicated that it would explore the possibility of acquiring a stake in Japan’s Nissan Motor for “co-operation,” as it sought to enter the automotive sector.
Mitsubishi Motors holds a junior partnership in the alliance formed between Nissan and the French automotive manufacturer Renault.
These developments occur against the backdrop of China’s car industry, which has seen significant growth in recent years. This positions the world’s second-largest economy as a frontrunner in the expanding electric vehicle market.
Established car manufacturers face challenges in maintaining their competitive edge globally as prominent Chinese companies such as BYD increasingly attract new customers.
