Taiwan’s Foxconn is close to securing a contract with Mitsubishi Motors for the production of electric vehicles in a landmark move for the iPhone supplier’s efforts to break into the auto industry.
The world’s largest contract electronics manufacturer is set to announce a deal in the coming weeks to manufacture EVs for the Japanese automaker, allowing it to expand its line-up of models at a lower cost, according to two people familiar with the matter.
The agreement would be a coup for Foxconn, which has been trying to break into EV production since 2019. Bringing in a contract electronics manufacturer to build its EVs would also mark a major shift for the car industry as it fights back against China’s dominance in software-heavy battery-run cars.