Mitsubishi Accelerates Electrification, Foxconn Expands Global EV Footprint—A Mutually Beneficial Partnership, Says TrendForce

Mitsubishi Motors has signed a MOU with Foxconn subsidiary Foxtron Vehicle Technologies to supply EVs for the Australian and New Zealand markets starting in 2026. TrendForce reports that this move not only marks a concrete step in Mitsubishi’s electrification roadmap but also represents a strategic pivot in response to rapid market changes. For Foxconn, having its contract design and manufacturing service (CDMS) model recognized by a global automaker is a milestone with far-reaching implications for future business expansion.

The EV model in question will be developed by Foxtron, manufactured by Yulon Motor, and sold under the Mitsubishi brand. TrendForce notes that this collaboration highlights two major trends in today’s automotive industry: First, traditional carmakers are increasingly seeking external partners to accelerate their transformation amid electrification and market uncertainties. Second, manufacturers from diverse backgrounds are emerging as key players in the evolving automotive supply chain, reflecting the sector’s growing openness to collaborative ecosystems.

Mitsubishi’s electrification goal is to shift its primary sales focus to hybrid (HEV), plug-in hybrid (PHEV), and battery electric vehicle (BEV) by 2030, and to make BEVs its core product line by 2035. However, the company currently faces several challenges in the EV space, including a limited selection of fully electric models and a low combined sales share—less than 10%—for its electrified vehicle lineup. Mitsubishi must accelerate its efforts to meet its targets.

TrendForce emphasizes that the Mitsubishi-Foxconn partnership is symbiotic. Foxconn can help Mitsubishi rapidly bring BEVs to market in response to intensifying global competition. Moreover, developing right-hand drive models for Oceania will also support both companies’ broader business growth, particularly in Mitsubishi’s key markets like Southeast Asia and Japan, where right-hand drive vehicles are in high demand.

Having previously collaborated with Luxgen, Foxconn has already accumulated experience and capacity in EV production. This partnership with Mitsubishi not only validates Foxconn’s manufacturing capabilities at the international level, but also demonstrates the scalability of its CDMS model. Should Foxconn realize its global factory footprint given the current geopolitical landscape's global impact, it will further enhance its opportunities for collaboration with other automakers.

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