Dhaka, May 8 -- Foxtron, an automaker partly owned by Taiwan iPhone manufacturer Hon Hai Technology Group, and Mitsubishi Motors of Japan said Wednesday they have agreed to develop an electric vehicle to be sold in Australia and New Zealand.

Hon Hai, also known as Foxconn, is one of a growing number of technology companies that are leveraging their knowhow in electronics and communications to try to break into the EV market, snapping up links in the automotive supply chain, according to an AP report.

Foxtron is a joint venture between Hon Hai and Taiwan's Yulon Motor Co Yulon makes Nissan vehicles under license.

There was speculation earlier this year, when talks on a possible merger between Nissan and Honda Motor Corp. fell through, t...