Fisker, Foxconn Sign Framework Agreements for Electric Vehicle Project
By Stephen Nakrosis
Electric-vehicle company Fisker Inc. said Thursday it signed
framework agreements with Hon Hai Technology Group, also known as
Foxconn, regarding their program to "develop a new breakthrough
Under project "PEAR," or Personal Electric Automotive
Revolution, Fisker and Foxconn plan to jointly develop the new
vehicle. The "breakthrough new segment vehicle" will be sold under
the Fisker brand in markets including North America, Europe, China,
and India, the companies said.
"Project PEAR will enter the market with a starting price of
less than $30,000, before incentives," the companies said.
"Following an extensive review of potential U.S. manufacturing
sites, the two companies will expedite a manufacturing plan capable
of supporting the projected Q4 2023 start of production," the
companies said. They added "Fisker intends to start production in
Europe on its first vehicle, the Ocean electric SUV, in Q4 2022 and
will unveil a production-intent prototype of the vehicle at the Los
Angeles Auto Show later this year. Project PEAR will be the
company's second production model."
The companies also said other global manufacturing sites are
under study for future production, supporting projected annual
volumes of more than 250,000 units across multiple sites.
The companies established a co-located program management office
between the U.S. and Taiwan to coordinate design, engineering,
purchasing, and manufacturing operations.
--Write to Stephen Nakrosis at email@example.com
(END) Dow Jones Newswires
May 13, 2021 18:08 ET (22:08 GMT)
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