Daily SumUp

Foxconn, the maker of Apple's iPhones, has announced plans to produce electric vehicles (EV) for Japanese car giant Mitsubishi Motors.

Under the agreement in principle, a Foxconn joint venture will design and build cars in Taiwan for Mitsubishi.

The companies say they expect the new model to be available by the end of next year, under what would be Foxconn's first major contract in the booming and highly competitive EV industry.

Japanese car makers like Mitsubishi have faced growing competition from mainland Chinese rivals, particularly in markets in South East Asia, South America and Europe.

The companies said the cars will be built by Foxtron - Foxconn's EV joint venture with Taiwanese car maker, Yulon Motor.

"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," they added.