Foxconn plans EV event in Japan to woo manufacturers, sources say #JapanFinance

By Wen-Ye Lee, Maki Shirach and Yimou Lee

TAIPEI/TOKYO (Reuters) – Foxconn is set to hold a seminar in Japan on April 9 to lay out its strategy on electric vehicles, two sources with direct knowledge of the matter said, as it courts more Japanese automakers after winning a deal from Mitsubishi Motors.

The Taiwan contract manufacturer, which also makes iPhones for Apple and artificial intelligence servers for Nvidia, aims to boost understanding of its EV strategy among automakers and suppliers, one of the sources said.

Chief EV strategy officer Jun Seki, a former Nissan executive hired by Foxconn in 2023, is expected to speak, added the source. Both sources sought anonymity as the plan is not yet public.

Foxconn declined to comment on both the April event and the Mitsubishi deal, the first Japanese contract clinched by its Contract Design and Manufacturing Service (CDMS), which aims to make EVs for car brands.

The outsourcing deal heralds a major shift in Japan’s sprawling auto industry that is a key pillar of the economy, but must grapple with growing competition from nimble Chinese EV makers such as BYD.

The April seminar comes shortly after two other sources said Foxconn clinched the deal to make EVs for Mitsubishi to be sold in Oceania markets, including Australia.

Japan’s Kyodo News first reported the Mitsubishi deal but did not say where the vehicles would be sold.

Mitsubishi said it would continue to explore prospects for collaboration with various partners.

The deal is a milestone in the Taiwan firm’s five-year-old foray into making EVs, which had a patchy record after announced deals with the likes of China’s Geely and Lordstown Motors fell by the wayside.

“This tangible order signifies recognition of Foxconn’s manufacturing capabilities in the highly experience-driven automotive industry,” said Trendforce analyst Caroline Chen, in contrast to prior collaborations, joint ventures, or purchases.

“Additionally, Mitsubishi Motors’ brand reputation will further enhance the visibility of this partnership.”

Foxtron, Foxconn’s EV joint venture with Taiwan car maker Yulon counts Luxgen, which is owned by Yulon, as its main client in Taiwan.

One source in the second group of two said the Mitsubishi deal aimed at complying with local environmental rules, while the other source said the EVs would also be sold in New Zealand and Taiwan.

(Reporting by Wen-Yee Lee, Yimou Lee in Taipei, Maki Shiraki in Tokyo and Brenda Goh in Shanghai; Editing by Miyoung Kim and Clarence Fernandez)