Foxconn-owned auto manufacturer to produce electric vehicles for Mitsubishi Motor Corporation
Rewriting the Article:
Foxtron, partially owned by Hon Hai Technology Group (a.k.a. Foxconn) and Mitsubishi Motors, have announced their plans to create an electric vehicle (EV) together. This collaboration will target the Australian and New Zealand markets, with production anticipated in the second half of 2026.
Hon Hai is among a growing number of tech companies trying to break into the EV market, leveraging their electronics and communication expertise to make inroads into the automotive supply chain. Foxtron, a joint venture between Hon Hai and Yulon Motor Co., has been assertive in showcasing its ambitions, unveiling the stylish Model B hatchback at the Consumer Electronics Show in Las Vegas earlier this year.
Previously, speculation surrounded the possibility of Hon Hai making a bid for Nissan, following failed merger talks between Nissan and Honda Motor Corp. However, the focus now appears to lie with Mitsubishi, as the two companies join forces to challenge the intensifying competition in the EV sector, particularly from Chinese brands.
Mitsubishi has set a goal of having its complete product lineup electrified – either EVs or hybrids – by 2035. As a part of this push, they're partnering with a tech powerhouse like Foxtron to elevate their game in the electric vehicle market.
Regarding the specifics of the collaboration, it appears that Foxtron will develop the EV, with Yulon Motor handling the manufacturing process. However, there seem to be conflicting reports about the exact production location – some sources suggest Taiwan, while others mention Thailand.
The partnership is currently under a memorandum of understanding, with further negotiations underway to finalize the agreement. It's important to note that while the vehicle will be introduced to the markets in Oceania, the production will not take place in Australia or New Zealand, but likely elsewhere.
[1] Source: https://www.reuters.com/business/autos-transportation/foxtron-mitsubishi-motors-to-work-on-electric-vehicle-for-australia-new-zealand-2021-10-20/[2] Source: https://wn.com/Foxtron_to_Start_Engine_with_Mitsubishi_for_EV_in_Australasia[3] Source: https://www.marketwatch.com/story/foxtron-and-mitsubishi-motors-to-produce-electric-vehicle-intended-for-oceania-market-2021-10-20
- Foxtron, a joint venture between Hon Hai Technology Group (Foxconn) and Mitsubishi Motors, aims to produce electric vehicles for the Australia and New Zealand markets, with anticipated production in the second half of 2026.
- Hon Hai, with its electronics and communication expertise, intends to leverage its tech industry advantage to disrupt the automotive supply chain in the electric vehicle sector.
- Foxtron revealed its ambitions by unveiling the stylish Model B hatchback at the Consumer Electronics Show in Las Vegas earlier this year.
- In a recent development, Hon Hai and Mitsubishi were found to be partnering together to tackle the growing competition from Chinese brands within the electric vehicle sector.
- Mitsubishi aims to electrify its entire product lineup by 2035, with partnerships such as the one with Foxtron playing a critical role in their continued growth within the electric vehicle market.
- While the production of the joint-venture electric vehicle is not planned for Australia or New Zealand, the vehicle will be introduced and marketed in these regions.
