Hon Hai Precision Industry Co (鴻海精密) yesterday said it has signed a memorandum of understanding (MOU) with Mitsubishi Electric Corp to explore a strategic alliance through joint operations in the automotive equipment business.
Under the MOU, the companies would begin discussions on a joint operation, including a potential transfer of a 50 percent stake in Mitsubishi Electric Mobility Corp to the Taiwanese company, Hon Hai said.
However, the completion of the joint operation remains subject to the parties reaching an agreement on commercial terms, the company said.
Photo courtesy of Hon Hai Precision Industry Co
Discussions are to proceed promptly, with any final agreement subject to the outcome of negotiations, contract signing and regulatory approvals, Hon Hai said.
The potential cooperation is limited to Mitsubishi Electric’s mobility-related business unit, rather than the broader group, and remains at an early stage with details yet to be finalized, a Hon Hai official told the Taipei Times by telephone yesterday.
While a potential transfer of a 50 percent stake is under evaluation, the structure and terms of the transaction are still under discussion and have not been finalized, the official said.
The collaboration is unrelated to the MIH electric vehicle alliance, a consortium aimed at promoting an open electric vehicle platform, and would not be incorporated into its framework, they said.
The scope of cooperation has also not been clearly defined, including which automotive components or business segments would be involved, and it is too early to estimate any potential revenue contribution, they added.
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