Foxconn is set to begin production of its own electric vehicles, the Model B hatch and Model C SUV, later this year
Shortly after reports surfaced that Taiwanese contract manufacturer Foxconn was nearing agreements with two Japanese automakers, unnamed sources have identified Mitsubishi as one of the companies involved. If finalized, the deal could represent a significant shift, with Mitsubishi potentially outsourcing EV production to Foxconn.
Foxconn has spent years working to diversify beyond consumer electronics and establish a foothold in the EV market, seeing it as a key growth sector. The company previously set a goal of capturing 5% of the global EV market by 2025, signing agreements with brands like Lordstown, Fisker, and China’s Byton. While progress has been slower than anticipated, a deal with Mitsubishi could be a major breakthrough.
According to Nikkei Asia, Foxconn and Mitsubishi have been in discussions for over six months. Foxconn views this potential collaboration as an opportunity to showcase its manufacturing capabilities, aiming to attract other established automakers.
What Could This Mean for Mitsubishi?
It remains unclear which Mitsubishi EVs Foxconn might produce. Mitsubishi is expected to launch a new EV in the U.S. next year, though details about the model remain scarce. Early reports suggest it could be a crossover coupe, adding another option to the expanding EV market.
Foxconn’s Broader EV Strategy
Foxconn previously explored acquiring Nissan late last year but ultimately lost out when Nissan entered merger discussions with Honda—talks that eventually fell through in February. Despite this, Foxconn remains open to acquiring a stake in Nissan and hopes to secure a contract to build the brand’s future EVs.
Beyond partnerships, Foxconn has ambitious plans for its own EV lineup. It is set to begin production of the Model B, an all-electric hatchback comparable in size to the VW ID.3, later this year. Additionally, it plans to start manufacturing the larger Model C SUV in North America during the fourth quarter of this year. As Foxconn continues to expand its presence in the EV sector, its potential partnership with Mitsubishi could mark a significant step forward.
