Fisker and China’s Foxconn have signed framework agreements supporting joint development and manufacturing related to Project ‘PEAR’ (Personal Electric Automotive Revolution), a program to develop a new breakthrough electric vehicle. This 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 commence first in the U.S. with several locations under consideration by Fisker and Foxconn. Other global manufacturing sites under study for future production, supporting projected annual volumes of more than 250,000 units across multiple sites.
Fisker will work with Foxconn on a new lightweight platform called ‘FP28,’ leveraging technological expertise from each company to support Project PEAR and potential future vehicles.
In support of the work on Project PEAR, the two companies have established a co-located program management office between the U.S. and Taiwan to coordinate design, engineering, purchasing, and manufacturing operations.
The new vehicle will enter the market with a starting price of less than $30,000, before incentives.
Fisker Chairman and Chief Executive Officer, Henrik Fisker, says: “Our partnership with Foxconn and the creation of Project PEAR has taken shape with remarkable speed and clarity of vision. 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. 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.”
Foxconn Technology Group Chairman, Young-way Liu, adds: “Foxconn is excited that our partnership with Fisker continues to trend in the right direction with exciting speed. Our work with Fisker aligns with our corporate 3+3 platform, and thanks to our MIH Alliance, Foxconn will be able to work with suppliers from across the world for Project PEAR. We have world-class supply chains in place to support Project PEAR – in particular, securing the reliable delivery of chipsets and semiconductors.”
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.