The largest contract electronics manufacturer in the world has teamed up with Mitsubishi to develop and manufacture electric cars for the Japanese automaker. Foxconn, also referred to as Hon Hai Technology Group, has been seeking opportunities to enter the burgeoning electric vehicle sector for quite some time. The world-leading electronics manufacturer now appears to have completed its years-long quest to enter electric vehicle development.
Foxconn subsidiary Foxtron Vehicle Technologies recently revealed that it has signed a memorandum of understanding with Tokyo-based Mitsubishi Motors. The subsidiary will serve as an original equipment manufacturer (OEM) for Mitsubishi, developing and supplying a battery electric vehicle model for the automaker.
A statement released on May 7, 2025, by Foxtron noted that the company will supply design and manufacturing management services, delivering a new electric car model to Mitsubishi under an OEM arrangement. Foxtron Vehicle Technologies is expected to enter this OEM model in the New Zealand and Australian markets starting in Q3 2026.
According to Mitsubishi Motors, Foxtron’s electric vehicle solution has top-notch driving performance and an excellent infotainment system, features that make it suitable for consumers in Australia and New Zealand. Foxtron is working to speed up electric vehicle manufacturing by optimizing modularized EV components and platformization.
The Taiwanese electric vehicle manufacturer said it is delighted to develop an EV for Mitsubishi Motors and hopes that the collaboration will be mutually beneficial to both companies. Foxtron will leverage an open platform strategy and base its operations in Taiwan with the goal of reaching international markets. Yulon Motors, a Taiwanese automotive company with ties to Foxconn, will handle the development of the new EV in Thailand.
Reuters reports that the new electric car is scheduled for market launch in just over 12 months, though no details of its specifications are currently available. Foxtron will work with local automotive and ICT industries to help build the next-generation electric vehicle ecosystem and encourage international expansion.
Parent company Foxconn has spent years looking for opportunities to enter electric vehicle manufacturing and has reportedly been in talks with Volkswagen and Fisker to achieve that goal. The company has also revealed its intention to manufacture 50% of all the world’s electric cars and recently said it was ready and willing to help buy out Renault’s stock in Japanese automaking giant Nissan.
Foxtron’s partnership with Mitsubishi Motors could allow Foxconn to finally gain a foothold in the global electric vehicle industry. This partnership marks a significant step in Foxconn’s automotive ambitions. If successful, it could reshape the electric vehicle market in the Asia-Pacific region and beyond.
Existing entities like Mullen Automotive Inc. (NASDAQ: MULN) need to gear themselves up for increasing competition within the industry and find creative ways to cement their market positions over the coming decades.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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