Foxconn signs EV pact with Japan’s Mitsubishi Motors

The EV unit of Taiwanese technology giant Foxconn has agreed in principle to develop and supply an electric vehicle model to Japan’s Mitsubishi Motors, the companies said Wednesday.It marks Foxconn’s first major contract in the fast-growing EV sector, and comes as analysts say many Japanese automakers will need to seek alternative partners to stay competitive as cars become more high-tech.

Mitsubishi Motors and Foxtron Vehicle Technologies said they had signed a memorandum of understanding and would “proceed with discussions towards a definitive…