Foxconn to Build Cars for Electric-Vehicle Startup Fisker
February 24 2021 - 7:55AM
Dow Jones News
By Ben Foldy and Stephanie Yang
Foxconn Technology Group, the world's biggest electronics
contract manufacturer, has agreed to assemble cars for
electric-vehicle startup Fisker Inc., the latest deal for the Apple
iPhone assembler in its eager expansion into the automotive sector
over the past year.
Taipei-based Foxconn and Los Angeles-based Fisker have signed a
memorandum of understanding to jointly produce more than 250,000
vehicles a year, the companies said in a statement Wednesday. Under
the deal, Foxconn would produce Fisker's second model -- a
higher-volume electric car that the car maker aims to start
building in the fourth quarter of 2023, the companies said. The car
would be built on vehicle underpinnings developed by Foxconn and
would be sold in North America, Europe, China and India, the
companies said.
For Foxconn, the Fisker deal is the latest in a series of
tie-ups with auto makers to jointly develop or build vehicles,
including the then- Fiat Chrysler Automobiles N.V. -- now
Stellantis N.V. -- and China's Zhejiang Geely Holding Group.
In recent years, some electric vehicle startups like Fisker have
been focusing on designing cars while outsourcing vehicle
production, in a challenge to the traditional business model in the
automotive sector, in which established car makers designed and
produced their own vehicles.
Write to Ben Foldy at Ben.Foldy@wsj.com and Stephanie Yang at
stephanie.yang@wsj.com
(END) Dow Jones Newswires
February 24, 2021 07:40 ET (12:40 GMT)
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