- Fisker and Foxconn sign Memorandum of Understanding (MOU) in
support of global electric vehicle project.
- Will pioneer a new market segment and deliver industry-first
innovations. Vehicle to be jointly developed and sold under the
Fisker brand, including through the Fisker Flexee Lease
program.
- Manufactured by Foxconn and destined for multiple global
markets.
Fisker Inc. (NYSE: FSR) (Fisker) – designer and manufacturer of
the world’s most emotion-stirring, eco-friendly electric vehicles,
and advanced mobility solutions – today announced it has entered
into a MOU with Hon Hai Technology Group (TWSE:2317) (Foxconn)
supporting a project to develop a breakthrough electric vehicle.
Highlights of the proposed collaboration, codenamed ‘Project PEAR’
(Personal Electric Automotive Revolution):
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210224005438/en/
Fisker Inc. (NYSE: FSR) (Fisker) –
designer and manufacturer of the world’s most emotion-stirring,
eco-friendly electric vehicles, and advanced mobility solutions –
today announced it has entered into a MOU with Hon Hai Technology
Group (TWSE:2317) (Foxconn) supporting a project to develop a
breakthrough electric vehicle. Fisker and Foxconn to jointly
develop a breakthrough new segment vehicle. Foxconn to manufacture
the vehicle at projected annual volumes of more than 250,000.
Global market scope – including North America, Europe, China, and
India. Projected start of production is Q4 2023; this will be the
second vehicle introduced by the Fisker brand, following the launch
of the Ocean SUV in Q4 2022. (Graphic: Business Wire)
- Fisker and Foxconn to jointly develop a
breakthrough new segment vehicle. - Foxconn to manufacture the
vehicle at projected annual volumes of more than 250,000. - Global
market scope – including North America, Europe, China, and India. -
Projected start of production is Q4 2023; this will be the second
vehicle introduced by the Fisker brand, following the launch of the
Ocean SUV in Q4 2022.
“We created our company to disrupt every convention in the auto
industry,” commented Fisker Chairman and Chief Executive Officer,
Henrik Fisker. “The creation of Project PEAR with Foxconn brings
together two likeminded and complementary companies, each focused
on creating new value in a traditional industry. We will create a
vehicle that crosses social borders, while offering a combination
of advanced technology, desirable design, innovation and value for
money, whilst delivering on our commitment to create the world’s
most sustainable vehicles.”
“The Fisker and Foxconn partnership brings together two global
leaders in innovation that will join forces to unlock the potential
of the electric vehicle industry,” said Foxconn Technology Group
Chairman, Young-way Liu. “Foxconn's participation in the electric
vehicle industry delivers a refreshing thrust into the Information
and Communication Technology (ICT) industry that is already focused
on this exciting sector. The key success elements of electric
vehicle development include the electric motor, electric control
module and battery. We have two major advantages in this regard,
with an exceptional vertically integrated global supply chain and
the best supply chain management team in our industry. Coupled with
our accumulated engineering capabilities, Foxconn has been critical
to the success of many ICT companies over the past 40 years and we
look forward to extending this success with Fisker.”
The new collaboration between Foxconn and Fisker will
revolutionize the automotive industry model by introducing ICT
capabilities – which help automakers accelerate their transition to
new, innovative, and efficient manufacturing processes and business
models. “The collaboration between our firms means that it will
only take 24 months to produce the next Fisker vehicle – from
research and development to production, reducing half of the
traditional time required to bring a new vehicle to market,” said
Young-way Liu.
Fisker is projected to start production on its first vehicle,
the Ocean electric SUV, in Q4 2022. Interest in the Ocean continues
to build at an encouraging pace, with more than 12,000 global paid
reservations as of today. Fisker plans to unveil a
production-intent prototype of the Ocean later this year.
Following the signing of the MOU, teams from Fisker and Foxconn
will establish several workstreams focused on design, technology,
engineering, and manufacturing. Due to the rapid development
schedule, both companies expect to conclude discussions and enter
into a formal partnership agreement during Q2 2021.
“Not unlike when Isaac Newton realized the powers of gravity,
the inspiration for this project has come from some unconventional
sources,” added Mr. Fisker. “The design sketch hints at the
direction we are taking. However, with the level of innovation
planned for this vehicle, I intend to keep the final design a
surprise until the last possible moment!”
For more information, or for interview inquiries, contact
Fisker@GoDRIVEN360.com.
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive
industry by developing the most emotionally desirable and
eco-friendly electric vehicles on Earth. Passionately driven by a
vision of a clean future for all, the company is on a mission to
become the No. 1 e-mobility service provider with the world’s most
sustainable vehicles. To learn more, visit www.FiskerInc.com – and
enjoy exclusive content across Fisker’s social media channels:
Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the
revolutionary new Fisker mobile app from the App Store or Google
Play store.
About Foxconn Technology
Group
Established in Taiwan in 1974, Hon Hai Technology Group
(Foxconn) (2317: Taiwan) is the world’s largest electronics
manufacturer. Foxconn is also the leading technological solution
provider and it continuously leverages its expertise in software
and hardware to integrate its unique manufacturing systems with
emerging technologies. To learn more, visit www.honhai.com
Forward-Looking Statements
This press release includes forward-looking statements, which
are subject to the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These statements may be
identified by words such as “feel,” “believes,” expects,”
“estimates,” “projects,” “intends,” “should,” “is to be,” or the
negative of such terms, or other comparable terminology and
include, among other things, the quotations of our Chief Executive
Officer and statements regarding the Company's future performance
under " 2021 Business Outlook" and other future events that involve
risks and uncertainties. Such forward-looking statements are not
guarantees of future performance and are subject to risks and
uncertainties, which could cause actual results to differ
materially from the forward-looking statements contained herein due
to many factors, including, but not limited to: Fisker’s limited
operating history; Fisker’s ability to enter into additional
manufacturing and other contracts with Magna, or other OEMs or
tier-one suppliers in order to execute on its business plan; the
risk that OEM and supply partners do not meet agreed upon timelines
or experience capacity constraints; Fisker may experience
significant delays in the design, manufacture, regulatory approval,
launch and financing of its vehicles; Fisker’s ability to execute
its business model, including market acceptance of its planned
products and services; Fisker’s inability to retain key personnel
and to hire additional personnel; competition in the electric
vehicle market; Fisker’s inability to develop a sales distribution
network; and the ability to protect its intellectual property
rights; and those factors discussed in Fisker’s Registration
Statement on Form S-1 (No. 333-249981) under the heading “Risk
Factors,” filed with the Securities and Exchange Commission (the
“SEC”) and other reports and documents Fisker files from time to
time with the SEC. Any forward-looking statements speak only as of
the date on which they are made, and Fisker undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances after the date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210224005438/en/
Contact: Fisker Inc. Simon Sproule, SVP, Communications
+1.310.374.6177 / ssproule@fiskerinc.com
Dan Galves, VP, Investor Relations dgalves@fiskerinc.com
FiskerIR@icrinc.com
Contact: Foxconn Technology Group Jimmy Huang, Deputy
Spokesperson, Corporate Communication +866.2.2268.3466 /
media@foxconn.com
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