Mitsubishi Electric and Foxconn Seek Auto Alliance
The companies signed a memorandum to explore a joint venture focused on electric vehicles and autonomous driving. Mitsubishi may transfer a 50% stake to Foxconn.
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MITSUBISHI ELECTRIC CORP announced on Friday that it has signed a memorandum of understanding with FOXCONN TECHNOLOGY CO LTD to explore a strategic alliance for their automotive equipment businesses. The potential partnership involves MITSUBISHI ELECTRIC CORP considering the transfer of a 50% stake in its automotive subsidiary, Mitsubishi Electric Mobility, to the Taiwan-based manufacturing giant.
