Agreement to Commence Consideration of Strategic Partnership through Joint Operation of Automotive Equipment Business with Foxconn Technology Group

Overview of Strategic Partnership

Mitsubishi Electric Corporation has signed a memorandum of understanding (MoU) with Foxconn Technology Group to commence consideration of a strategic partnership through joint operation of the automotive equipment business. The two companies aim to expand collaboration in areas such as electrification, autonomous driving, and Software Defined Vehicle (SDV), creating synergies. In particular, they will start specific discussions toward joint operation, including considering acceptance of a 50% investment in Mitsubishi Electric Mobility.

Future Outlook and Impact on Shareholders and the Market

Through this partnership, Mitsubishi Electric Mobility will leverage Foxconn Technology Group's expertise and network to contribute to providing a high-quality, Japan-origin EV platform. This will strengthen Japan's industrial base and promote sustainable growth of the automotive industry, aiming to enhance the 'Made in Japan' value in the global market in the medium to long term. Discussions will prioritize maintaining trust with stakeholders and ensuring stable supply and quality, with prompt disclosure of important matters if they arise.