The Mitsubishi Fuso Truck and Bus Corporation (MFTBC) and a subsidiary of the iPhone maker Foxconn said on Friday that both companies are creating a new joint venture focused on producing electric buses.
Foxconn said late last year it planned to invest $2 billion to $3 billion annually in AI and was in discussions with the Japanese government about potential investments in artificial intelligence and electric vehicles.
The new joint venture is will be producing fully electric buses in Japan, aiming for domestic and international markets, adding to its current internal combustion engine (ICE) vehicles lineup.
The new entity is expected to launch in the second half of 2026, pending board, shareholder, and regulatory approvals.
Created in 2003, MFTBC is a commercial truck and bus manufacturer based in Kawasaki, Japan. It is owned by Daimler Truck AG (89.29%), with the remaining 10.71% belonging to various Mitsubishi Group companies.
Foxconn’s subsidiary Foxtron was established in 2020 and is a Taiwanese manufacturer of electric cars and buses. The company a joint venture between Foxconn and the local automaker Yulon Motor.
“The new company aims to fulfil society’s demand for high quality public transportation by accelerating the development of competitive, zero-emission buses in addition to the current diesel lineup,” MFTBC and Foxconn stated in a press release.
Foxconn’s Chief Strategy Officer for EVs Jun Seki highlighted that the cooperation will contribute to the electrification of the Japanese public transportation system.
“This collaboration with MFTBC will provide a comprehensive electrification solution for Japan’s transportation ecosystem. This approach will significantly shorten development cycles and enhance cost-efficiency,” Seki stated.
The current Director and Head of FUSO Bus at MFTBC Katsuto Kora was appointed as the new firm’s CEO.
‘Zero-Emissions’ Buses
According to Kora, the new OEM will focus on “meeting customer expectations not only for current conventional ICE improvement but also for zero-emission transportation”.
The EV buses will be developed and produced at the company’s factory in Toyama under the FUSO name.
The goal is to lead “FUSO bus into a new era of digitalization and electrification,” as stated by the company’s CEO.
According to MFTBC’s CEO, Foxconn’s electric vehicle expertise will be critical to the buses’ success in Japan and overseas markets.
“By combining FUSO and Foxconn’s extensive experience and technological know-how, we will offer customers state-of-the art solutions for public transport, thereby contributing to society both in Japan and abroad,” Deppen highlighted.
Through subsidiaries Mitsubishi Fuso Bus Manufacturing (MFBM) and Foxtron Vehicle Technologies, the parent companies will collaborate on developing, producing, and selling zero-emission buses, starting with Foxtron’s MODEL T and MODEL U.
Previous Agreement
Friday’s EV agreement was not the first between one of Mitsubishi’s corporations and Foxconn.
Last May, Mitsubishi Motors Corporation and Foxconn signed a memorandum of understanding (MOU), under which Foxtron would supply an EV model to the Japanese automotive company.
The model will be designed by Foxtron and produced in Taiwan by Yulon Motor.
The fully electric vehicle is scheduled to launch in Australia and New Zealand in the second half of this year, part of a regional product plan running through 2030.
