Foxconn and Mitsubishi Electric partner on EV platform development

Foxconn (Hon Hai Precision Industry) and Mitsubishi Electric have entered into a strategic alliance to jointly operate Mitsubishi Electric Mobility, a subsidiary specializing in automotive equipment. As part of the agreement, Foxconn’s investment arm, Lin Yin International Investment, will acquire a 50% stake in the unit for 115 billion yen. The transaction, which values the business at 320 billion yen, is expected to be completed by October 2027, subject to regulatory approvals.

The partnership aims to develop high-quality electric vehicle (EV) platforms originating from Japan. The collaboration seeks to combine Mitsubishi Electric’s expertise in electric powertrains, software, vehicle control, and autonomous driving technologies with Foxconn’s speed, scale, and market deployment capabilities.

Through this joint venture, the companies intend to expand into next-generation mobility solutions, including automated driving and intelligent cabin systems. Mitsubishi Electric aims to leverage this alliance to strengthen the Japanese automotive industry's sustainable growth and target a revenue milestone of 1 trillion yen by 2030.