Mitsubishi Motors and Foxtron Vehicle Technologies, a subsidiary of iPhone maker Foxconn, have signed a memorandum of understanding to develop a new EV.

The EV model will be supplied to Mitsubishi as an OEM model will be developed by Foxtron, manufactured in Taiwan by Yulon Motor, and introduced in the Oceania region (Australia and New Zealand) in the second half of 2026.

The agreement marks the first major step for Foxconn's into the competitive EV industry, and a sector that Apple famously decided to abandon.

The deal also demonstrates Japanese car makers determination to compete with Chinese and other Asian producers as the technology becomes widespread.

In addition to exploring collaboration with Foxconn, Mitsubishi plans to enhance its electrified vehicle lineup by leveraging the strengths of its alliance with Renault in Europe and Nissan in North America and possibly expanding collaboration with its partners globally, including in the Oceania region.

Based on this initial agreement, Mitsubishi and Foxtron will proceed with discussions towards a definitive agreement in due course.

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