Japan, April 24 -- Mitsubishi Electric Corporation announced that it has signed a memorandum of understanding (MoU) with Hon Hai Precision Industry Co., Ltd. (Foxconn) to explore the formation of a strategic alliance to jointly operate their respective automotive equipment businesses.Building on their existing relationship, the two companies aim to expand their collaboration to create synergies in sectors including electrification, autonomous driving, and software-defined vehicle (SDV) technologies for automotive equipment. As part of the proposed framework, Mitsubishi Electric is considering to transfer 50% of its shares in Mitsubishi Electric Mobility Corporation to Hon Hai Precision Industry toward joint operation.Under the envisioned al...