Foxconn to acquire 50% stake in Mitsubishi Electric automotive unit for $727 million
Hon Hai Precision Industry, known as Foxconn, agreed to pay ¥115 billion ($727 million) for a 50% stake in Mitsubishi Electric's automotive-components unit to accelerate its electric vehicle push.
Hon Hai Precision Industry Co., widely known as Foxconn, has agreed to pay ¥115 billion (approximately $727 million) for a 50% stake in Mitsubishi Electric Corp.'s automotive-components unit, according to reporting from Bloomberg. The partnership is targeting rapid expansion, setting a goal to build the automotive-components business into an enterprise with more than ¥1 trillion in sales.[5][4]
As part of the collaboration, Mitsubishi Electric will supply autonomous driving technology to support Foxconn's electric vehicle platforms, Bloomberg reported. The transaction marks a combined push by both companies into the global EV sector, as initially reported by Nikkei Asia.[2][3][4]
Key facts
- Hon Hai Precision Industry (Foxconn) agreed to acquire a 50% stake in Mitsubishi Electric's automotive-components unit for ¥115 billion ($727 million).
- The stated target for the joint components unit is to achieve more than ¥1 trillion in sales.
- Mitsubishi Electric will provide autonomous driving technology for Foxconn's electric vehicle platforms.
- Nikkei Asia reported the alliance as a combined move by Foxconn and Mitsubishi Electric for a global EV push.
Sources · 5 sources
- WE
webulite@webulitePost on X ·
Tech Headlines (last 30 hours) Researcher: a Chinese-speaking hacker used AI agents to target 1200 websites and breach 100 entities including Deere and SharkNinja spending $5000 total Tel Aviv-based doubleAI releases its debut code execution model to optimize GPU and CPU performance; doubleAI raised $220M and acquired 1000 Nvidia B300 chips Vinted faces an influx of listings suspected of containing stolen goods following widespread French riots which targeted Sephora Louis Vuitton and Burberry Deutsche Telekom Orange Telefónica and Vodafone agree to explore a joint bid to offer "direct-to-device" satellite service in Europe challenging Starlink AI chip startup Tenstorrent raised a $1.5B Series E led by Trace Capital and Innovation X at a $6.2B valuation up from $2.6B after raising $700M in 2024 Analysis: companies are set for a massive acceleration of 50GW in data center capacity additions in 2027; 24GW across 40 campuses are in the advanced stages Character .AI's Chapter 11 court filings indicate a two-part deal with Disney to transfer talent and tech while insulating Disney from mounting legal liabilities A look at Anthropic's Long-Term Benefit Trust an unusual opaque five-member trust whose trustees own no equity and hold enormous sway over the company Google DeepMind says four Gemini 4 Argon agents beat Minecraft without any human help in 27 hours and 14 minutes costing $1620 at Argon's planned 2027 price Survey: the chatbot gender adoption gap among US adults has closed since 2024 though men are more likely to use them daily; ChatGPT has identical use rates Foxconn agrees to acquire a 50% stake in Mitsubishi's automotive components unit for $727M; Mitsubishi will provide autonomous tech for Foxconn's EV platforms Elon Musk says "I will give one of my SpaceX shares to every kid in America" in 2027; at SpaceX's $146.03 Friday close the gift would be valued at $10.5B Q&A with Nvidia's Vera team on agentic AI driving CPU demands and forcing CPU design priority back to single-threaded performance over core counts and more How the data center industry courts kids amid a backlash: 11 firms and groups hosting field trips since 2025 flag kits and cards for first graders and more Analysis: 11K accounts on X Bluesky Discord Telegram and others made nearly 25K posts to unmask a Cornell sexual assault accuser after she named seven men CyberSN: US cybersecurity job postings fell 26.4% YoY to a four-year low of 236K roles from January to September; AI security engineer demand soared by 200% A profile of Alona Katz chief of Brooklyn DA's Virtual Currency Unit who recently led an operation that seized and disrupted over 240 crypto fraud websites AI's ability to forecast extreme weather faces a major test in the coming months amid a historic El Niño as some scientists question the technology's accuracy Survey of 94 economists: 54% expect AI's gains to spread across the G20 over the next decade not just the US and China; 32 see African countries falling behind Stripe Link data shows agentic transactions increased by 38x and volume of payments by 20x in September with retail leading in both and a $100 average spend Abby Care which runs a clinically led AI-powered platform to train and certify family caregivers raised an $82M Series C led by Transformation Capital Allium: stablecoin payments rose 45% YoY to $482B YTD through September 30 with transactions up 71% to 1.04B while circulating supply grew just 0.4% Intel unveils its GPU D-series for data centers featuring up to 480GB of LPDDR5X memory an unusually large capacity to support demanding inference workloads China's GDP is set to grow 4.5% YoY in Q3 up from Q2's three-year-low growth rate of 4.3% as AI-driven exports helped offset weak domestic spending Sam Altman's World launches a World ID verification suite for banks bundling tools to verify human and agent identities its first industry-specific offering Analysis: 795 accounts funded by ADI Predictstreet's own fee-collecting wallet drove 99% of the FIFA-partnered prediction market's activity since late August Europe's three biggest industrial companies are cashing in on the AI boom as Schneider and Siemens expand further into software while ABB focuses on equipment SF-based home insurer Stand which uses digital twins of homes to price wildfire risk and insures $10B of property raised a $70M Series C at a $1B valuation Sources: Nscale faces investor pushback on its $30B IPO valuation with some urging a lower valuation of $16B to $19B as Microsoft exits a UK data center deal Sources: industry execs expect only 7-10 of hundreds of neoclouds to survive as Nvidia supports them with easier credit terms site finding and $20B in leases Anthropic says it's committing 5% of its shares to a Public Benefit Fund for a total of 20% with co-founder and staff pledges plus 2% per 50% valuation rise Sources: Nvidia asked Samsung SK Hynix and Micron to make base dies for its custom NVHBM memory on TSMC's 3nm process; Samsung agreed its first use of TSMC Sources: HomeView units sat in warehouses for months; Apple plans a Nov. 6 store reset likely for new Macs; iPhone Duo preorder mess could boost 18 Pro sales An interview with Apple's new VP of the App Store Carson Oliver on Apple's gaming vision Apple Arcade providing tools for indie game developers and more
Open source - NA
Nikkei Asia@NikkeiAsiaPost on X ·
Foxconn, Mitsubishi Electric join forces for global EV push https://t.co/9L7z72f4Xv
Open source - TE
Techmeme@TechmemePost on X ·
Foxconn agrees to acquire a 50% stake in Mitsubishi's automotive components unit for ~$727M; Mitsubishi will provide autonomous tech for Foxconn's EV platforms (@algebrista / Bloomberg) (Visit Techmeme dot com for the link and full context!)
Open source - TE
TechmemeArticle ·
Foxconn agrees to acquire a 50% stake in Mitsubishi's automotive components unit for ~$727M; Mitsubishi will provide autonomous tech for Foxconn's EV platforms (Reed Stevenson/Bloomberg) Reed Stevenson / Bloomberg : Foxconn agrees to acquire a 50% stake in Mitsubishi's automotive components unit for ~$727M; Mitsubishi will provide autonomous tech for Foxconn's EV platforms — Hon Hai Precision Industry Co. is paying ¥115 billion ($727 million) for a 50% stake in Mitsubishi Electric Corp.'s automotive-components unit …
Open source - BL
Bloomberg@businessPost on X ·
Hon Hai Precision Industry is paying ¥115 billion ($727 million) for a 50% stake in Mitsubishi Electric’s automotive-components unit with the goal of turning it into a business with more than ¥1 trillion in sales https://t.co/54EdZ3Mbaz
Open source