Foxtron Vehicle Technologies, the electric vehicle joint venture between Taiwan’s Hon Hai Precision Industry and Yulon Group, plans to ship its Model C SUV to American consumers by early 2025 as part of an aggressive overseas expansion strategy.
Chairman Young Liu told shareholders at the company’s annual meeting that Foxtron recently secured a major partnership with Mitsubishi Motors and expects to turn profitable within five years of its November 2023 public listing. The timeline would put the break-even target at 2029, following what Liu described as a necessary investment phase.
The Mitsubishi deal, formalized through a memorandum of understanding in May, will see Foxtron develop and supply electric vehicles for the Japanese automaker’s Australia and New Zealand markets starting in the second half of 2026. The partnership represents Foxtron’s first major contract with a traditional automotive manufacturer.
Shareholders approved raising up to NT$1.8 billion ($56.25 million) through a global depositary receipt offering, with existing investors waiving preemptive rights. The capital injection will support the company’s manufacturing scale-up and international partnerships.
Foxtron’s Model B is completing testing phases ahead of mass production deliveries to customers this year, while its Model T electric bus continues operating under capacity constraints with orders exceeding production capability. A new manufacturing facility in Kaohsiung’s Qiaotou district is scheduled to begin trial operations in the third quarter, incorporating digital twin technology as part of what the company calls Taiwan’s first AI-powered automotive factory.
The facility will have initial annual capacity of 500 units, expanding to 1,000 vehicles by 2028. Liu positioned the company to capitalize on what he sees as an industry shift toward contract design and manufacturing services, comparing Foxtron’s current losses to Amazon’s pre-profitability years.
The Taiwan-based manufacturer views Japan as a significant growth opportunity and hopes to finalize additional partnerships with Japanese companies as traditional automakers face pressure from Chinese electric vehicle competitors in global markets.
