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Foxconn has been actively looking for opportunities to become a manufacturer of electric vehicles for years. At one time or another, it was tipped to be in talks with Fisker and Volkswagen and has said publicly it wants to manufacture half of all the electric vehicles in the world. When Nissan and Honda began doing a corporate pas de deux earlier this year, Foxconn let it be known it was ready to help by buying out Renault’s stake in Nissan. On May 7, 2025, Foxtron Vehicle Technologies, a subsidiary of Foxconn, announced it has signed a memorandum of understanding with Mitsubishi Motors “to develop and supply an electric vehicle (EV) model to Mitsubishi Motors as an OEM model.”
“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 company said. Mitsubishi Motors claimed the Foxtron EV solution offers excellent driving performance and infotainment system, making it well suited for customers in Australia and New Zealand. The MOU is in line with the vision of Foxconn chairman Young Liu, which is to “Share, Collaborate, and Thrive.”
The company intends to accelerate EV development by optimizing platformization and modularized components. “We are delighted to develop and supply an electric vehicle (EV) to Mitsubishi Motors and look forward to a collaboration that will complement both parties and drive both business expansions,” Foxtron said.
With an open platform strategy, Foxtron aims to “Root in Taiwan, Expand Globally,” working alongside Taiwan’s ICT and automotive industries to drive international expansion and establish the next generation EV ecosystem. If you think that means Foxtron wants to follow the path laid out by BYD to become a global manufacturer, you are probably correct. As automobiles become more like computers, cell phone companies like Huawei and Xiaomi have moved into making automobiles — and pretty darn good ones at that. Ford CEO Jim Farley recently spent 6 months driving a Xiaomi SU7 and was reluctant to see his time with that car come to an end.
Electrive reports that a memorandum of understanding may or may not become a binding contract. Nissan and Honda signed an MOU last December but decided to walk away from each other when the details of what it would mean to actually combine forces became clear. In particular, Nissan thought it would be an equal partner in the new relationship, but Honda envisioned it having a much more limited role. What this MOU makes clear is that the development of the new electric car is to be carried out by Foxtron with production taking place in Thailand by Foxconn’s partner Yulon.
Foxtron EV Details Coming Later
According to Reuters, although the market launch is scheduled to take place in just over a year, no details of the vehicle have yet been provided. Therefore, neither the size nor the body shapes are known yet, let alone details about the battery or the drive layout. The only thing that is certain is that the Mitsubishi model will be based on the “EV solution from Foxtron,” presumably the company’s own MIH electric car platform.
The announcement of the memorandum of understanding does not come as a surprise, as there were already media reports from Japan at the end of March that Mitsubishi wanted to win Foxconn as a partner for its EV business. At that time, however, there was mainly talk of contract electric car production at Foxconn. However, the MOU indicates Foxtron will be responsible for the complete development of the vehicle which will will be sold as a Mitsubishi and distributed by the Japanese company. Mitsubishi has brand recognition whereas Foxtron has none — at least not yet.
The announcement is another step in what Electrive calls the “slow break up of the Renault-Nissan-Mitsubishi alliance.” As the two principals continue to move apart, Mitsubishi is being left to fend for itself, which means it will need to find partners to help it develop new models and new platforms. Because of its relatively small size, today it is dependent on partners for new technologies and models outside of its own core portfolio. In Europe, Mitsubishi sells the plug-in hybrid version of the Renault Captur with its own logo. Renault is also planning to build an electric SUV for Mitsubishi in Europe.
New Mitsubishi EV For North America
Mitsubishi Motors North America has announced that it will launch an electric model in the US and Canada in the summer of 2026, based on the third generation Nissan Leaf. “More details about the vehicle, including naming, imagery, technical specifications, pricing and on-sale timing will be the subject of future announcements,” MMNA added. That fudging on specifics is because Nissan has not yet presented the new Leaf as a series model, even though it is likely the new Leaf will be a crossover instead of a hatchback.
MMNA is making bold claims, promising “a new or significantly revised vehicle every year between 2026 and 2030.” While that may strike some as a modest goal — many Chinese manufacturers are doing that every month — it far exceeds the product planning at Tesla, which apparently intends to sell slightly modified versions of the Model 3 and Model Y well into the next century.
“Mitsubishi Motors is on an upward trajectory, especially in the United States,” said Mark Chaffin, president and CEO of MMNA. “When we launched the Momentum 2030 long term business plan to our dealer partners last May, there was a buzz in the room about an exciting future, but there was a desire for more concrete timing and plans. Today’s announcement is the first of many to come that reinforce our commitment to the US market, to providing the best vehicles we can for our customers, and ensuring a long and healthy future for our company in the U.S. and globally.”
Chaffin added, “Momentum 2030 is more than a business plan; it is a rallying cry for our company, for our employees, for our dealer partners, and for our loyal and new customers. Our plan is clear, our path is mapped out. The addition of this new battery electric vehicle to our lineup will deliver a blend of internal combustion engines, plug-in hybrids and electric vehicles, so that our customers have the choice of technology that best suits their needs.” Brave words for a company that currently has a market share in the US of 2.5%. Still, BMW, Mercedes, and Mazda are in about the same position, so no one should count Mitsubishi out yet.
Consolidation & Innovation
For years, CleanTechnica has been predicting consolidations in the auto industry as it transitions from the Iron Age to the Computer Age. A careful observer might spy cracks in Mitsubishi’s business plan for the future — borrowing from Renault in Europe, Nissan in the US, and now letting a relatively unknown company design and build a car for it in Asia. One can speculate that Foxtron is not fully committed to Mitsubishi. Its primary goal is proving to the world that it can design and build a modern electric car in a rapidly changing market. If it succeeds, plenty of companies like Mitsubishi will be knocking on its door.
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