Mitsubishi Motors and Foxtron Vehicle Technologies said they had signed a memorandum of understanding and would "proceed with discussions towards a definitive agreement".

Japanese automaker Mitsubishi Motors and Foxconn subsidiary Foxtron Vehicle Technologies have signed a memorandum of understanding for the supply of an electric vehicle model, the companies said on Wednesday.

Foxconn has made a landmark entry into the car industry after the Taiwanese iPhone supplier struck a deal to manufacture electric vehicles for Mitsubishi Motors of Japan. According to a memorandum of understanding between the companies,