Fisker, an electric car startup has recently signed an agreement with Foxconn 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.
“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 Fisker chairman and CEO Henrik Fisker in a statement. “Our partnership with Foxconn enables us to deliver those industry firsts at a price point that truly opens up electric mobility to the mass market.”
“We have world-class supply chains in place to support Project PEAR – in particular, securing the reliable delivery of chipsets and semiconductors,” said Young-way Liu, chairman of Foxconn, in a statement.
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.