Foxconn buys $727 million stake in Mitsubishi EV parts biz

Foxconn is paying $727 million for a 50% stake in Mitsubishi Electric's automotive-components unit with the goal of turning it into a business with more than ¥1 trillion in sales.

Mitsubishi will contribute technology in electric powertrains, autonomous driving and in-car intelligence for EV platforms developed by Foxconn, the companies said Monday during a news conference in Tokyo.

The tie-up gives Foxconn a deeper foothold in the auto industry as it pushes its contract-manufacturing model into EVs.