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Fisker Inc. (NYSE: FSR) has announced it has entered into a MOU with the electronics giant Foxconn to support a project to develop a breakthrough electric vehicle. The proposed collaboration is  codenamed ‘Project PEAR’ (Personal Electric Automotive Revolution).

Foxconn is to jointly develop a breakthrough new segment vehicle and manufacture the vehicle at projected annual volumes of more than 250,000. Projected start of production is Q4 2023. This will be the second vehicle introduced by the Fisker brand, following the launch of the Ocean SUV in Q4 2022.

The market scope for the new EV will include North America, Europe, China, and India.

Fisker Chairman and Chief Executive Officer, Henrik Fisker, says: “We created our company to disrupt every convention in the auto industry. The creation of Project PEAR with Foxconn brings together two likeminded and complementary companies, each focused on creating new value in a traditional industry. We will create a vehicle that crosses social borders, while offering a combination of advanced technology, desirable design, innovation and value for money, whilst delivering on our commitment to create the world’s most sustainable vehicles.”

Foxconn Technology Group Chairman, Young-way Liu, adds: “The Fisker and Foxconn partnership brings together two global leaders in innovation that will join forces to unlock the potential of the electric vehicle industry,” . Foxconn’s participation in the electric vehicle industry delivers a refreshing thrust into the Information and Communication Technology (ICT) industry that is already focused on this exciting sector. The key success elements of electric vehicle development include the electric motor, electric control module and battery. We have two major advantages in this regard, with an exceptional vertically integrated global supply chain and the best supply chain management team in our industry. Coupled with our accumulated engineering capabilities, Foxconn has been critical to the success of many ICT companies over the past 40 years and we look forward to extending this success with Fisker.”

Following the signing of the MOU, teams from California-based Fisker and Foxconn will establish several workstreams focused on design, technology, engineering, and manufacturing. Due to the rapid development schedule, both companies expect to conclude discussions and enter into a formal partnership agreement during Q2 2021.

Established in Taiwan in 1974, Foxconn is the world’s largest electronics manufacturer.

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