Mitsubishi and Foxconn Team Up for New Electric Vehicle Launch in 2026

Mitsubishi Motors (OTC:MMTOF) and Foxtron Vehicle Technologies, a subsidiary of Foxconn (SS:601138), have signed a memorandum of understanding to develop a new electric vehicle (EV), the companies announced on Wednesday. The EV will be engineered by Foxtron, manufactured in Taiwan by Yulon Motor, and launched in the Oceania market during the second half of 2026.

While financial details remain undisclosed, Mitsubishi Motors confirmed that discussions are underway to finalize a definitive agreement. The Japanese automaker is expected to reveal its full-year financial results on Thursday.

Foxconn, best known as a key supplier to Apple (NASDAQ:AAPL), is expanding into the EV sector and sees Japan as a critical growth market. In April, Jun Seki, Foxconn’s Chief Strategy Officer for EVs, highlighted the company’s intention to deepen collaboration with Japanese carmakers in response to the rising dominance of Chinese EV brands in global markets such as Europe, Brazil, and Southeast Asia.

At a Tokyo seminar last month, Seki acknowledged an ongoing partnership with Mitsubishi but provided no specifics. The current announcement now confirms that collaboration.

Mitsubishi Motors is part of the global Renault-Nissan-Mitsubishi Alliance, playing a junior role alongside Nissan (OTC:NSANY) and Renault (EPA:RNO). Foxconn has previously indicated interest in further strategic EV alliances, including the possibility of taking a stake in Nissan.

Foxtron, Foxconn’s joint EV venture with Yulon, primarily serves the Taiwan market through its Luxgen brand. This new partnership with Mitsubishi marks a significant step in Foxconn’s ambition to diversify and expand its EV footprint.

The move also follows the failed merger talks between Nissan and Honda (NYSE:HMC) earlier this year, which would have created a $60 billion automotive powerhouse.