Foxconn pays $727M for half of Mitsubishi Electric’s car parts unit in EV push

Foxconn is buying half of Mitsubishi Electric’s auto parts business for ¥115 billion ($727 million), its biggest bet yet on turning years of EV promises into a real car business.

But the target, Mitsubishi Electric Mobility, isn’t an EV company. It’s a traditional Tier 1 supplier that makes everything from alternators and ignition coils to radar sensors, with a smaller electric powertrain business attached.

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