Mitsubishi Motors rises on report of EV tieup with Foxconn Investing.com-- Mitsubishi Motors Corp. (TYO:7211) rose in Japanese trade on Friday after local media reports said that the company planned to outsource production of electric vehicles through a tie-up with Taiwan’s Hon Hai (TW:2317) Precision, or Foxconn (SS:601138). Mitsubishi rose as much as 3.5% to 465.8 yen, outpacing a 0.2% rise in the Nikkei 225 index. Foxconn’s Taiwan shares fell 0.3%. Japanese news agency Kyodo said that Mitsubishi will pursue lower production costs and increase development speed through the tie-up, while Foxconn seeks to secure a foothold in EV production. Last week, Foxconn had said during an earnings call that it expected to sign an EV deal with a Japanese car maker within the next two months. The company had earlier expressed interest in working with Nissan (OTC:NSANY), which is Mitsubishi’s largest shareholder, especially after a merger between Nissan and Honda (NYSE:HMC) fell through this year.

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