Foxconn, a major player in electronics manufacturing, has announced a collaboration with Mitsubishi Motors to produce electric vehicles (EVs) in Taiwan. This joint venture, through Foxtron, will leverage Foxconn's expertise in design and manufacturing to develop a new model expected to launch by late 2024. This initiative signals Foxconn's strategic move into the burgeoning EV sector and addresses Mitsubishi's competitive challenges against Chinese companies in the global marketplace, particularly as EV demand surges in South East Asia, South America, and Europe.
Foxconn, the world's largest contract electronics manufacturer, is set to shift into the EV sector by partnering with Mitsubishi Motors for vehicle production in Taiwan.
This agreement marks Foxconn's first major contract in the expanding electric vehicle market, highlighting the growing competition traditional automakers face from Chinese brands.
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