Business · Companies · 3 hrs ago
Mitsubishi Electric and Hon Hai target 1 trillion yen in 2030 sales
Mitsubishi Electric and Taiwan's Hon Hai set a 1 trillion yen sales target for their planned jointly owned automobile equipment subsidiary in fiscal 2030.
The target is 22 percent above the 820 billion yen in sales expected for fiscal 2026.
Mitsubishi Electric plans to sell a 50 percent stake in its mobility business to Hon Hai, also known as Foxconn, for 115 billion yen.
The companies want to combine their expertise in electric powertrains and vehicle control to develop electric vehicle platforms.
Hon Hai expects software-defined vehicles and autonomous driving technology to become widely used, while Mitsubishi Electric hopes the partnership will help it compete with Chinese rivals by speeding up development.
The companies plan to complete the stake sale in October 2027.
Mitsubishi Electric and Hon Hai said they aim for their planned jointly owned automobile equipment subsidiary to reach 1 trillion yen in sales in fiscal 2030.
That target is 22 percent above the 820 billion yen in sales expected for fiscal 2026.
The companies plan to combine expertise in electric powertrains and vehicle control to develop electric vehicle platforms.
Mitsubishi Electric said the partnership could help it speed up development and compete with Chinese rivals.
The companies plan to close a deal for Hon Hai to buy a 50 percent stake in Mitsubishi Electric Mobility in October 2027.
- Who
- Mitsubishi Electric Corp. and Taiwan’s Hon Hai Precision Industry Co., also known as Foxconn.
- What
- They aim for their planned jointly owned automobile equipment subsidiary to achieve 1 trillion yen in sales in fiscal 2030.
- When
- They announced the target on Oct. 19, 2026. They plan to close the stake-sale deal in October 2027.
- Where
- The announcement was made in Tokyo.
- Why
- They hope to combine expertise in electric powertrains and vehicle control to develop electric vehicle platforms. Mitsubishi Electric also aims to speed up development and compete with Chinese rivals.
This story does not have two clearly opposing sides.
Hon Hai announced plans to jointly develop and sell electric buses in Japan with Mitsubishi Fuso Truck and Bus.
Mitsubishi Electric said it would sell a 50 percent stake in Mitsubishi Electric Mobility to Hon Hai for 115 billion yen.
Mitsubishi Electric and Hon Hai announced their fiscal 2030 sales target for the planned subsidiary.
The companies plan to close the stake-sale deal.
- Fiscal 2030 sales target
- 1 trillion yen
- Fiscal 2026 expected sales
- 820 billion yen
- Target increase
- 22 percent
- Stake for sale
- 50 percent of Mitsubishi Electric Mobility
- Sale price
- 115 billion yen