Hon Hai Precision Industry Co., also known as Foxconn, has recently signed a deal to produce electric vehicles for Mitsubishi Motors Corp., marking a significant milestone for its growing EV contract manufacturing venture. The production of Mitsubishi vehicles is set to commence in Taiwan, with initial focus on the Australian and New Zealand markets. While the exact start date remains unspecified, Hon Hai is venturing into this collaboration as part of its efforts to diversify its business beyond smartphones and consumer electronics. The company has displayed its design and manufacturing capabilities through various model vehicles, although the expansion of its automotive sector is expected to be a gradual process, as highlighted by Hon Hai's EV business chief, Jun Seki. In addition to the Mitsubishi deal, Hon Hai has been in discussions to acquire a stake in Nissan Motor Co., Mitsubishi’s major shareholder, as part of its broader automotive aspirations. Chairman Young Liu has expressed optimism about securing a similar auto contract with another Japanese client in the near future. The news about the Mitsubishi partnership was initially disclosed by Kyodo News, underscoring Hon Hai's strategic move towards advancing its automotive ambitions through collaborations with established industry players.