Foxtron to acquire Yulon Motor’s Luxgen for $25 million
A view of a Foxtron logo on a electric vehicle on display during the company's annual Tech Day in Taipei, Taiwan, October 18, 2022. REUTERS/Ann Wang
TAIPEI, Dec 19 : Foxtron Vehicle Technologies, a joint venture between Taiwan’s Foxconn and Yulon Motor, said on Friday it would acquire Yulon Motor’s Luxgen passenger-car brand for T$787.6 million ($24.95 million).
The deal, which has been approved by the boards of both companies, will see Foxtron acquire 100 per cent of Luxgen, including its five sales subsidiaries, sales outlets and employees, Foxtron said in a statement.
Following the transaction, Foxtron will take operational control, aiming to build a more comprehensive electric vehicle value chain in Taiwan, spanning product development, sales and after-sales services.
Yulon Motor owns 43.8 per cent of Foxtron and Foxconn 45.6 per cent.
Foxtron spokesperson Gino Wang said the full transfer would be completed after approval by Taiwan’s Fair Trade Commission, with the transaction expected to close as early as the first quarter of 2026.
Foxtron said it will launch its “Model B” electric vehicle in Taiwan under the “Foxtron Bria” name.
"By leveraging Luxgen's existing distribution channels and service network, Foxtron aims to enhance the end-to-end consumer experience, from front-end products to after-sales services," Foxtron CEO Adam Chen said.
Foxtron still operates a contract design and manufacturing services (CDMS) business model, under which it makes electric vehicles for car brands.
In May, Foxtron and Japanese automaker Mitsubishi Motors signed a memorandum of understanding for the supply of an EV model, which will be developed by Foxtron, manufactured in Taiwan by automaker Yulon, and introduced in the Oceania region in the second half of 2026.
($1 = 31.5730 Taiwan dollars)
