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Hon Hai Precision Industry Co. Ltd. (Foxconn) and Mitsubishi Electric Corporation have signed a Memorandum of Understanding to explore a strategic alliance through joint operation of the automotive equipment business.
Under the MOU, discussions will begin toward joint operation, including transferring 50% of shares in Mitsubishi Electric Mobility Corporation (“Mitsubishi Electric Mobility”) to Foxconn.
Whether this joint operation can be formally concluded remains subject to the parties’ ability to reach mutual agreement on the commercial terms. Discussions between the parties are planned to proceed promptly, and final agreement will be based on the results of negotiations and contract signing between both parties, subject to relevant regulatory requirements.
From left: Jun Seki, Chief Strategy Officer, Electric Vehicle, Hon Hai Precision Industry; and Kazunori Tanaka, Executive Officer (Associate), Automotive Equipment, Group President, Mitsubishi Electric
