Foxconn will pay JPY115 billion (about $727 million) to acquire a 50% stake in
Mitsubishi Electric’s automotive parts business, the companies said in Tokyo on
Monday. The partners aim to scale the unit to JPY1 trillion-plus in sales. Under
the deal Mitsubishi Electric will supply EV powertrains, autonomous-driving and
in-vehicle intelligence for Foxconn’s EV platform, giving Foxconn a path from
contract manufacturing into EV systems and providing Mitsubishi Electric a
partner to expand its auto-parts operations.
