Fisker in EV Development Deal With Foxconn
May 14 2021 - 7:33AM
Dow Jones News
By Chris Wack
Fisker Inc. said it has signed framework agreements with Hon Hai
Technology Group, also known as Foxconn, supporting joint
development and manufacturing related to a program to develop a new
breakthrough electric vehicle.
The company said the new segment vehicle will be jointly
developed and sold under the Fisker brand into global markets
including North America, Europe, China and India.
Manufacturing will begin in the U.S. with several locations
under consideration by Fisker and Foxconn. Other global
manufacturing sites under study for future production will support
projected annual volumes of more than 250,000 units across multiple
sites, the company said.
Under the agreement, Fisker and Foxconn will jointly invest in
the project, with each company taking proceeds from the successful
delivery of the program. Fisker will work with Foxconn on a new
lightweight platform designated FP28, using technological expertise
from each company to support this project and potential future
vehicles, Fisker said.
Fisker shares were up 14% to $11.33 in premarket trading.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 14, 2021 07:18 ET (11:18 GMT)
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