Lates News

Hon Hai Precision will invest 115 billion yen (approximately $727 million) to acquire a 50% stake in Mitsubishi Electric's automotive components business. The two parties aim to build the business into an enterprise with sales exceeding 1 trillion yen. The two companies said at a press conference held in Tokyo on Monday that Mitsubishi will supply electric powertrains, autonomous driving and in-vehicle intelligence technologies for the electric vehicle platform developed by Hon Hai. The partnership allows Hon Hai to further establish a foothold in the automotive industry, helping it expand its "contract manufacturing" model into the electric vehicle sector; at the same time, Mitsubishi Electric has also gained a partner to help scale up its automotive components business.