iPhone manufacturer Foxconn plans to develop EV for Mitsubishi Motors

The manufacturer of the Apple iPhones, Foxconn, is planning to develop electric vehicles for Mitsubishi Motors, BBC reported

Under the signed agreement, Foxconn will design and manufacture electric cars for the Japanese giants in Taiwan.

According to the report, the new model should be available by the end of next year. This would be Foxconn's first significant deal in the fiercely competitive and rapidly expanding EV market.

Mainland Chinese competitors have become a bigger competitor to Japanese automakers like Mitsubishi, especially in Southeast Asian, South American, and European markets.

According to the report, Foxtron, Foxconn's electric vehicle joint venture with Taiwanese automaker Yulon Motor, will manufacture the vehicles.

Citing the agreement, BBC reported, "Foxtron will provide design and manufacturing management services, and this model is expected to enter the Australia and New Zealand markets in the second half of 2026." 

The arrangement is currently a non-binding contract between the two businesses, known as a memorandum of understanding. According to their statements, the businesses "will proceed with discussions towards a definitive agreement."

The Foxcon had earlier stated that it would look into purchasing a share in Nissan Motor of Japan for "co-operation" as it sought to enter the auto sector.

The update came as the world's second-largest economy has become a leader in the expanding EV market, and China's automobile industry has grown quickly in recent years.