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FINWIRES

Mitsubishi Electric, Foxconn Sign MOU for Automotive Equipment JV

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-- Mitsubishi Electric (TYO:6503) and Hai Technology Group (Foxconn) (TPE:2317) signed an MOU to explore a strategic alliance for jointly operating Mitsubishi Electric's automotive equipment business.

Under the proposed deal, Foxconn would acquire a 50% stake in Mitsubishi Electric Mobility Corp., according to a statement on Saturday.

The formal conclusion of the joint operation depends on both parties reaching a mutual agreement on commercial terms and signing a final contract. D

Discussions are set to proceed promptly, with any final agreement subject to regulatory approvals.

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