iPhone maker announces plan to build Mitsubishi EVs

Foxconn, the well-known manufacturer of Apple's iPhones, has recently announced an exciting new venture. The company is set to produce electric vehicles (EVs) for Mitsubishi Motors, a prominent Japanese car manufacturer. This collaboration marks a significant step for Foxconn as it enters the competitive electric vehicle market. According to the agreement, Foxconn will establish a joint venture to design and manufacture these electric cars in Taiwan. The companies anticipate that the new model will be available for purchase in Australia and New Zealand by the latter half of 2026. This will be Foxconn's first major contract in the rapidly expanding EV industry, which has seen a surge in interest and investment in recent years. nnMitsubishi Motors, like many traditional car manufacturers, is facing increasing competition from Chinese automakers, particularly in regions such as Southeast Asia, South America, and Europe. To remain competitive, Mitsubishi is partnering with Foxconn to develop innovative electric vehicles that can capture the attention of consumers in these markets. The cars will be produced by Foxtron, a joint venture between Foxconn and Yulon Motor, a Taiwanese automotive company. Foxtron will oversee the design and manufacturing processes, ensuring that the new electric vehicles meet the high standards expected by consumers. The companies have expressed their commitment to moving forward with discussions to finalize the agreement, which is currently a memorandum of understanding. nnFoxconn is recognized as the world's largest contract electronics manufacturer, providing services to major technology companies, including Apple. The company has previously indicated its interest in acquiring a stake in Nissan Motor, another significant player in the automotive industry, as part of its strategy to expand into the motor vehicle sector. Mitsubishi Motors is also a key player in an alliance with Nissan and French car manufacturer Renault. The collaboration between Foxconn and Mitsubishi comes at a time when China's automotive industry is experiencing rapid growth, positioning the country as a leader in the electric vehicle market. Established car manufacturers worldwide are finding it increasingly challenging to compete with major Chinese companies like BYD, which continue to attract new customers and expand their market share.