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Foxconn (SS:601138), the Taiwanese electronics giant known for assembling iPhones for Apple (NASDAQ:AAPL) and AI servers for Nvidia (NASDAQ:NVDA), is ramping up its push into electric vehicles (EVs). According to sources, the company will host a seminar in Japan on April 9 to outline its EV strategy and court more Japanese automakers after securing a key contract with Mitsubishi Motors (OTC:MMTOF).
The seminar will be led by Jun Seki, Foxconn’s Chief EV Strategy Officer and former Nissan (OTC:NSANY) executive. Foxconn aims to deepen industry understanding of its Contract Design and Manufacturing Service (CDMS), which targets car brands seeking EV production solutions.
This Mitsubishi deal marks Foxconn’s first EV manufacturing contract with a Japanese automaker. The vehicles will reportedly be sold in Oceania, including Australia and New Zealand, and potentially Taiwan, aligning with local environmental regulations.
This contract signals a turning point for Japan’s traditional auto industry, now facing increased competition from agile Chinese EV makers like BYD (SZ:002594). Mitsubishi confirmed it remains open to collaborations with various partners but did not provide further details.
Foxconn declined to comment on the seminar or the Mitsubishi deal. However, the agreement represents a major milestone in its five-year EV journey, following previous failed ventures with Geely and Lordstown Motors (OTC:NRDE).
Trendforce analyst Caroline Chen noted that this concrete order showcases Foxconn’s manufacturing prowess in the competitive EV sector, unlike previous partnerships or joint ventures. She added that Mitsubishi’s brand reputation would boost visibility and credibility for the collaboration.
Foxtron, Foxconn’s EV joint venture with Taiwan’s Yulon, currently serves Luxgen, a Yulon-owned brand. The Mitsubishi partnership could expand Foxconn’s EV footprint in Asia-Pacific, reshaping its role in the global automotive market.
