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What just happened? Foxconn has agreed to pay $727 million for a 50% stake in Mitsubishi Electric's automotive equipment business, gaining access to vehicle-control technology and software expertise for its push to develop electric vehicles for other manufacturers. The deal gives Foxconn a broader engineering base, but much of the business it is buying still serves conventional vehicles. Its success will depend on turning that expertise into products automakers want to buy.

The companies plan to combine Mitsubishi Electric's powertrain, autonomous-driving and in-car computing technology with Foxconn's manufacturing operations.…