Foxconn Plans to Acquire 50% Stake in Mitsubishi Electric Mobility for Up to 115 Billion Yen

On October 16, Foxconn announced that its subsidiary Lixiang International Investment plans to acquire 50% of Mitsubishi Electric Mobility for up to 115 billion yen, funded with its own capital. The deal is subject to certain conditions precedent, including regulatory approvals, and the final transaction amount will be adjusted based on financial statements as of the closing date. The two companies previously said they plan to pursue a strategic partnership by jointly operating the automotive equipment business, leveraging their respective strengths in electrification, autonomous driving, and software-defined vehicle technology. (Jiemian)