Foxconn is buying half of Mitsubishi Electric’s auto parts business for ¥115 billion ($727 million), its biggest bet yet on turning years of EV promises into a real car business.

But the target, Mitsubishi Electric Mobility, isn’t an EV company. It’s a traditional Tier 1 supplier that makes everything from alternators and ignition coils to radar sensors, with a smaller electric powertrain business attached.

Mitusbishi’s North American dealers have been trudging along with an aging, badge-engineered model line for years – but overseas? It’s a different story, and the 459 hp all-wheel drive ASX VR-e electric hot hatch shown here is plug-in proof.