In a bold move to strengthen their electric vehicle (EV) presence, Mitsubishi Motors $7211.T and Foxtron Vehicle Technologies $2258.TW, a subsidiary of Taiwanese tech giant Foxconn $2354.TW, have signed a memorandum of understanding to co-develop and deliver a new EV model. The collaboration aims to launch the vehicle in the Oceania region in the second half of 2026, marking a significant milestone in Mitsubishi’s transition toward electrification and Foxconn’s growing ambitions in the automotive sector.