Foxtron Vehicle Technologies (TWSE:2258), a unit of Hon Hai Technology Group (Foxconn) (TWSE:2317), said it will develop and supply an electric vehicle to Mitsubishi Motors Corporation (TYO:7211) under an original equipment manufacturing agreement, according to a Wednesday company statement.

The companies signed a memorandum of understanding to jointly develop the EV model, which is expected to enter the Australian and New Zealand markets in the second half of 2026.

Foxtron will handle design and manufacturing management, while Mitsubishi Motors said the vehicle's performance and infotainment system were suited for regional demand in Australia and New Zealand.

The partnership aligns with Foxconn Chairman Young Liu's strategy to promote platform-based EV development through modular components, Foxtron said.