TOKYO (Reuters) -Japanese automaker Mitsubishi Motors (OTC:MMTOF) and Foxconn (SS:601138) subsidiary Foxtron Vehicle Technologies have signed a memorandum of understanding for the supply of an electric vehicle model, the companies said on Wednesday.
The EV model will be developed by Foxtron, manufactured in Taiwan by automaker Yulon and introduced in the Oceania region in the second half of 2026, Mitsubishi Motors said in a statement.
"Mitsubishi Motors and Foxtron will proceed with discussions towards a definitive agreement," Mitsubishi Motors said. The company will announce full-year financial results on Thursday.
Foxconn views Japan as a major opportunity for growing its EV business and has sought to strike partnerships with Japanese companies, Jun Seki, the Taiwan contract manufacturer’s chief strategy officer for EVs, said at a Tokyo seminar in April. The Apple (NASDAQ:AAPL) supplier’s interest in working with Japanese car makers comes as they face growing competition from Chinese brands that are aggressively making inroads in markets such as Europe, Brazil and Thailand.
At last month’s seminar, Seki had already confirmed that Foxconn was working with Mitsubishi but did not provide further details.
Mitsubishi Motors is a junior partner in the long-standing alliance of Nissan (OTC:NSANY) Motor and French automaker Renault (EPA:RENA).
Foxconn has previously said it would consider taking a stake in Nissan for cooperation, as it has ambitions to diversify into EVs. Foxtron, the company’s EV joint venture with Yulon, counts Yulon-owned Luxgen as its main client in Taiwan.
In February, Nissan and rival Japanese automaker Honda (NYSE:HMC) Motor broke off merger talks to forge a $60 billion car company. The deal fell apart to Honda’s proposal to make Nissan a subsidiary, sources have said.