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On October 19, Hon Hai Precision Industry plans to acquire a 50% stake in Mitsubishi Electric's automotive components business for 115 billion yen (approximately $727 million), with both parties aiming to grow the business into an enterprise with sales exceeding 1 trillion yen. At a press conference in Tokyo on Monday, the two companies announced that Mitsubishi Electric will supply electric powertrains, autonomous driving, and in-vehicle intelligent technologies for the electric vehicle platforms developed by Hon Hai. This collaboration will help Hon Hai deepen its presence in the automotive industry and extend its 'contract manufacturing' model into the electric vehicle sector, while Mitsubishi Electric will also leverage this partnership to expand the scale of its automotive components business.
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