Mitsubishi Shares Climb on Reported EV Partnership With Foxconn

Mitsubishi Motors Corp. (TYO:7211) saw its shares rise up to 3.5% to 465.8 yen on Friday, outperforming the Nikkei 225’s 0.2% gain. The rally followed reports by Japanese media that the automaker plans to outsource electric vehicle (EV) production through a strategic partnership with Taiwan’s Hon Hai Precision Industry (TW:2317), better known as Foxconn (SS:601138).

Kyodo News reported that Mitsubishi aims to cut production costs and accelerate development timelines by teaming up with Foxconn, which is aggressively expanding into the EV market. The collaboration would mark a key move for both companies amid increasing global demand for electric vehicles and intensifying competition.

Foxconn’s shares in Taiwan edged down 0.3% despite the news. The company had hinted at an impending deal during its recent earnings call, stating it expected to finalize an agreement with a Japanese automaker within two months. The latest development adds weight to those comments and positions Foxconn closer to securing its place in the EV manufacturing space.

Foxconn, best known as Apple’s key manufacturing partner, has been diversifying its portfolio with a focus on electric mobility. The company had also expressed interest in working with Nissan (OTC:NSANY), Mitsubishi’s largest shareholder, especially after merger talks between Nissan and Honda (NYSE:HMC) fell through earlier this year.

The potential Mitsubishi-Foxconn EV tie-up reflects broader shifts in the auto industry, as legacy carmakers increasingly seek external partnerships to remain competitive in the fast-evolving EV landscape. If finalized, the deal could bolster Mitsubishi’s EV ambitions and strengthen Foxconn’s position as a global EV production player.