Hon Hai Precision Industry Co., also known as Foxconn, has reportedly signed an agreement to produce a new electric vehicle (EV) model for Mitsubishi Motors of Japan, according to an industry source.

Production of the EV will initially occur at a plant in Miaoli County, Taiwan, operated by Yulon Motor, a partner of Hon Hai.

This new model is expected to be a revised version of the Model B prototype unveiled by Hon Hai in 2022.

However, the source did not provide a timeline for the start of production.

The EV is anticipated to launch in Australia and New Zealand in 2026, with possible plans for subsequent releases in Taiwan and Japan.

🔗 Source: Focus Taiwan

🧠 Food for thought

1️⃣ Hon Hai’s EV expansion mirrors its successful electronics contract manufacturing playbook

Hon Hai’s agreement with Mitsubishi demonstrates how the company is transferring its proven manufacturing expertise from electronics to electric vehicles.

This partnership follows Hon Hai’s strategy to capture 10% of the global EV market by 2025, with Chairman Young Liu positioning the company as “the Android” of electric vehicles through an open platform approach 1.

Since unveiling its first EV prototypes in 2021 (Model C, Model E, and Model T), Hon Hai has systematically established partnerships with multiple automotive players, announcing roughly one new partnership per month 2.

This expansion leverages Hon Hai’s core strengths in electronics manufacturing, semiconductors, and precision machinery—capabilities that translate effectively to EV production where software and electronics increasingly define vehicle performance 2.

The Mitsubishi deal represents a significant milestone in Hon Hai’s diversification beyond its traditional iPhone assembly business, which generated $208 billion in revenue in 2024 but faces slowing growth 3.

2️⃣ Asia-Pacific strategic market targeting aligns with regional EV growth forecasts

The planned launch of Mitsubishi-branded EVs in Australia and New Zealand by 2026 strategically positions both companies in a rapidly expanding market.

The Asia-Pacific EV market is projected to grow at a CAGR of 19.1%, from approximately $90-298 billion in 2025 to $215-714 billion by 2030, making it one of the world’s fastest-growing EV markets 45.

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