Roy Gilbert

Fisker and Foxconn sign deal to build electric vehicles

Electric car startup Fisker signed an agreement with Foxconn, the Taiwanese company that assembles iPhones, to co-develop and manufacture a new electric vehicle. Production on the car, which will be sold under the Fisker brand name in North America, Europe, China and India, will begin in the U.S. by the end of 2023. Numerous details, including the type of car and the location of future manufacturing plants, have not been disclosed by the two companies.

Fisker is calling the joint program Project PEAR, which stands for Personal Electric Automotive Revolution. Fisker chairman and CEO Henrik Fisker has bragged that the PEAR vehicle will be the “ next big thing in car design ,” a car that’s both “emotionally desirable” and “eco-friendly.” Fisker did not respond to requests for more information on the design of the vehicle.

The two companies had signed a memorandum of understanding agreement in February, setting the expectation that a formal agreement would be reached by this time. Included in the agreement signed on Thursday is a goal to produce 250,000 units annually across multiple sites. In January, Foxconn partnered with Chinese automaker Zhejiang Geely Holding Group to form a joint venture that would provide car manufacturers with production and consulting services, so the deal with Fisker is one of the company’s first forays into the automotive industry.

10% off annual and 2-year plans

“In order to deliver on our promise of product breakthroughs from Project PEAR, we needed to rethink every aspect of product development, sourcing and manufacturing,” said […]