Mitsubishi Electric Corporation
Mitsubishi Electric Mobility Corporation
AISIN CORPORATION

Mitsubishi Electric, Mitsubishi Electric Mobility and AISIN Reach a BasicAgreement to Establish a Joint Venture Company for Handling Products for
Next Generation Electric Vehicles
TOKYO, May 24, 2024 – Mitsubishi Electric Corporation (TOKYO: 6503), Mitsubishi Electric Mobility
Corporation (Mitsubishi Electric and Mitsubishi Electric Mobility are collectively referred to as “Mitsubishi
Electric Group.”) and AISIN CORPORATION (TOKYO and NAGOYA: 7259) announced today the threecompanies have reached a basic agreement to establish a joint venture (the “JV”) company to handle products
for next-generation electric vehicles (EVs) (the “Transaction”).
The JV will succeed to part of Mitsubishi Electric Mobility’s business, and will develop, produce and selltraction motors, power converters (inverters, etc.) and their control software, which will be optimized forvehicles and relevant systems and used in next-generation EVs, including battery EVs (BEVs) and plug-in
hybrid vehicles (PHEVs). The relevant parties will leverage its respective strengths and respond to thediversifying needs for vehicle electrification, ultimately to contribute to global carbon neutrality.
The Mitsubishi Electric Group has strengths in power electronics technologies such as power devices andinverters, motor technologies and control optimization technologies. Mitsubishi Electric Mobility, which isengaged in the automotive equipment business, possesses expertise in vehicle electrification for hybrid
vehicles (PHEVs, HEVs) and is addressing needs in the vehicle electrification market growing rapidly due toacceleration of carbon neutrality initiatives, creating synergies with new partners and expanding its productlineup for diversifying EV systems.
AISIN offers a full lineup of electric units that drive all types of EVs, including BEVs, PHEVs, and HEVs,and provides them to customers around the world through BluE Nexus*, thereby contributing to improved
power consumption and driving performance of the entire vehicle. As vehicle electrification continues toaccelerate in the context of regional energy situation and policies, there is an increasing diversity of needs for
products and technologies, including systems, performance and cost. AISIN will carefully respond todiversifying needs and expand the variety and quantity of electric units through BluE Nexus, utilizing thedevelopment capability of the JV based on the full line-up of technology development concepts AISIN haspromoted.
The JV will offer new and attractive products to a wide range of customers, maximizing the synergy ofMitsubishi Electric Mobility’s traction motors, power converters and control optimization technologies, andAISIN’s integration technology (vehicle adaptation technology and system integration technology).
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The JV will initially be spun off from Mitsubishi Electric Mobility as a new company responsible for its
electrification business by way of a company split, and eventually have the Mitsubishi Electric Group as themajority shareholder (66%) and AISIN as the minority shareholder (34%). The completion of the Transaction
will be subject to regulatory clearances and consents of competition and other relevant authorities.
An overview of the new JV is in the Appendix. Further details will be announced as they become available.
*BluE Nexus is a joint venture established between AISIN and DENSO in 2019. It specializes in the development, adaptation,and sales of electrification systems and electric drive modules.

Media Inquiries
Mitsubishi Electric Corporation
Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp
Mitsubishi Electric Mobility
Corporate Strategic Planning Unit
Corporate Strategic Planning Dept.
Strategic Corporate Communication Section
qa.melmb@nh.MitsubishiElectric.co.jp
AISIN CORPORATION
Public Affairs Department+81 566-24-8232

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Appendix

Overview of the joint venture company(1) Scope of the joint venture company
The scope of the JV will include design, development, production, sales and service activities of traction
motors, power converters (inverters, etc.) and control software, and functionally integrating these products
to electric drive systems.
(2) Method of the Transaction
The Mitsubishi Electric Group will transfer the rights and obligations of its electrification business to thenew company which will be established by Mitsubishi Electric Mobility by way of company split. AISIN
will acquire 34% shares of the new company and second part of its engineering human resources to thenew company. The rights and obligations to be succeeded to by the JV are assets, liabilities, other rights
and obligations and contractual status relating to the electrification business of Mitsubishi Electric
Mobility and Mitsubishi Electric Automotive Czech s.r.o., a subsidiary of Mitsubishi Electric. The detailsof the rights and obligations to be succeeded to by the JV will be determined through discussion between
the relevant parties by the execution and closing of a definitive agreement for the establishment of the JV.
(3) Overview of the relevant parties forming the joint venture company(i) Company Name
Mitsubishi Electric
Mitsubishi ElectricCorporation
Mobility Corporation
2-7-3 Marunouchi,
2-7-3 Marunouchi,(ii) Head Office
Chiyoda-ku, Tokyo
Chiyoda-ku, Tokyo
KeiUruma
Kunihiko Kaga(iii) Representative
Representative
Representative
Executive Officer,Director,President & CEO
President & CEODevelopment,Development,(iv) Summary of
manufacturing, sales,manufacturing, sales,
Businessand service ofand service ofproducts in areas such automotive equipment
as Infrastructure,and others
Industry and Mobility,
Life and Business
Platform,
Semiconductor &Device
April 1, 2024(v) Date of Incorporation January 15, 1921
175,820 million yen
10,000 million yen(vi) Paid-in Capital(as of March 31, 2024) (as of April 1, 2024)2,147,201,551 shares
1,001 shares(vii) Number of Issued(as of March 31, 2024) (as of April 1, 2024)
SharesMarch 31
March 31(viii) Fiscal Year End
The Master Trust
Mitsubishi Electric(ix) Major Shareholders
Bank of Japan, Ltd.
Corporation 100.00%
and Shareholding Ratio(Trust Account)(as of April 1, 2024)
16.15%SSBTC CLIENTOMNIBUSACCOUNT 5.30%
Custody Bank ofJapan, Ltd. (TrustAccount) 5.19%(as of March 31, 2024)

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AISIN
CORPORATION
2-1, Asahi-machi,Kariya, Aichi,
Moritaka Yoshida
Representative
Executive Officer,President
Manufacture and sale ofautomotive parts andenergy-related products

August 31，1965
45,049 million yen(as of March 31, 2024)
294,674,634 shares(as of March 31, 2024)
March 31
Toyota Motor
Corporation 24.80%
The Master Trust Bankof Japan, Ltd. (Trustaccount) 9.37%
Toyota Industries
Corporation 7.68%
DENSO Corporation
4.81%
Custody Bank of Japan,Ltd. (Trust account)
4.10%(as of March 31, 2024)

(x) Operating Results for the Most Recent Business Year and Financial Positions as of the End of theFiscal Year (FY ended March 2024)
Total Equity
3,866,418 million yen－
2,402,029 million yen
Total Assets
6,167,340 million yen－
4,643,016 million yen
Equity Attributable to1,790.63 yen－
7,924.18 yen
Shareholders per Share
Revenue
5,257,914million yen－
4,909,557 million yen
Operating Profit
328,525million yen－
143,396 million yen
Profit Before Income
365,853million yen－
149,877 million yen
Taxes
Net Profit Attributable to284,949million yen－
90,813 million yen
Shareholders
Basic Earnings per Share
135.74yen－
336.93 yen
Attributable to
Shareholders(4) Timeline
The parties plan to execute a definitive agreement for the Transaction in mid-June, 2024, and to start
operations of the JV within one year from this announcement.
(5) Outlook
The impact of the Transaction on the consolidated financial results of Mitsubishi Electric or AISIN andspecific matters regarding the establishment of the JV will be announced respectively when they becomeclear.

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