24 April 2026, Taipei, Taiwan – Hon Hai Precision Industry Co. Ltd. (Foxconn) (TWSE:2317) and Mitsubishi Electric Corporation have signed a Memorandum of Understanding to explore a strategic alliance through joint operation of the automotive equipment business.

Under the MOU, discussions will begin toward joint operation, including transferring 50% of shares in Mitsubishi Electric Mobility Corporation (“Mitsubishi Electric Mobility”) to Foxconn.

Whether this joint operation can be formally concluded remains subject to the parties’ ability to reach mutual agreement on the commercial terms. Discussions between the parties are planned to proceed promptly, and final agreement will be based on the results of negotiations and contract signing between both parties, subject to relevant regulatory requirements.

From left: Jun Seki, Chief Strategy Officer, Electric Vehicle, Hon Hai Precision Industry; and Kazunori Tanaka, Executive Officer (Associate), Automotive Equipment, Group President, Mitsubishi Electric

About Mitsubishi Electric Corporation

Guided by its corporate philosophy, Mitsubishi Electric Corporation (TOKYO: 6503) places sustainability at the core of its operations and values stakeholder trust – encompassing society, customers, shareholders and employees. In pursuing profitability, capital efficiency and growth, Mitsubishi Electric works closely alongside customers to develop value-added solutions that address today’s complex challenges while enhancing the company’s sustainable corporate value. Founded in 1921, Mitsubishi Electric has over a century of experience in delivering reliable, high-quality products and solutions. With over 200 group companies and approximately 150,000 employees worldwide, the company is a recognized global leader in manufacturing, marketing and selling electrical and electronic equipment and systems across a broad range of sectors, including public utility systems, energy systems, defense and space systems, factory automation systems, automotive equipment, building systems, air conditioning systems & home products, digital innovations, and semiconductor & devices. For more information, please visit www.MitsubishiElectric.com

About Foxconn

Hon Hai Technology Group (Foxconn) (TWSE:2317) is the world’s largest electronics manufacturer and leading technology solutions provider, ranking 28th in Fortune Global 500. In 2025, revenue totaled TWD8.1 trillion (approx. USD260 billion). The Group’s market share in electronics manufacturing services (EMS) exceeds 40% and covers four major product segments: smart consumer electronics; cloud and networking; computing; and components and other. Operating over 240 campuses across 24 countries, Foxconn is one of the world’s largest employers with approx. 900,000 employees during peak manufacturing season. We are committed to sustainability in the manufacturing process and serving as a best-practice model for global enterprises.The Group is guided by its 3+3+3 strategy, actively investing in industries of electric vehicles, digital health, and robotics; in technologies of artificial intelligence, semiconductors and next-generation communications; in intelligent platforms of Smart Manufacturing, Smart EV and Smart City. Foxconn is dedicated to becoming a comprehensive, world-class enterprise, with AI as its core driving force.Learn more at www.foxconn.com/en-us