Foxconn is in late-stage negotiations with Mitsubishi Motors on an electric vehicle partnership, according to Nikkei, that have been ongoing for more than six months.
The potential collaboration represents a significant opportunity for the Taiwan-based iPhone assembler to advance its electric vehicle ambitions by securing an established automaker as a key client. Foxconn Chairman Young Liu views the partnership as a means to demonstrate the company’s EV capabilities and potentially open doors to additional automaker relationships.
The Taiwanese manufacturer has also expressed interest in acquiring a stake in Nissan, having engaged with the Japanese automaker’s French shareholder Renault about possible cooperation through investment.
Since Liu’s appointment in 2019, Foxconn has pursued EV manufacturing as a strategic priority to reduce its dependence on consumer electronics, particularly Apple’s iPhone business. The company has identified electric vehicles, robotics and smart health as its future growth engines.
Despite partnerships with Taiwan’s Yulong Motor and launching electric buses domestically, Foxconn’s EV journey has faced challenges. Liu acknowledged last year that the company would miss its target of capturing 5% of the global EV market by 2025 amid intensifying competition and slowing demand.
Previous collaborations with automotive startups including Lordstown Motors, Fisker and China’s Byton failed to yield significant results.
