The EV will be sold under the Fisker brand into global markets, including North America, Europe, China, and India


Fisker signs agreement with Foxconn to develop EV in US. (Credit: Fisker, Inc.)

US-based electric vehicles maker Fisker has signed framework agreements with Hon Hai Technology Group (Foxconn) to develop a new breakthrough electric vehicle price of less than $30,000.

Under the agreement, Fisker and Foxconn will jointly invest in the project codenamed PEAR (Personal Electric Automotive Revolution).

The project will involve the development of a breakthrough new segment vehicle, which will be jointly developed and sold under the Fisker brand into global markets, including North America, Europe, China, and India.

As part of the deal, both companies will work on a new lightweight platform designated ‘FP28,’ to support Project PEAR and potential future vehicles.

Fisker chairman and CEO Henrik Fisker said: “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.”

As part of their efforts to support the work on Project PEAR, Fisker and Foxconn have established a co-located programme management office between the US and Taiwan to coordinate design, engineering, purchasing, and manufacturing operations.

After reviewing the potential manufacturing sites in the US, the two companies will advance manufacturing plans and aim to commence production in Q4 2023.

Project PEAR represents Fisker’s second production model. Fisker’s first vehicle, the Ocean electric SUV, will be produced in Europe in Q4 2022. A production-intent prototype of the vehicle will be unveiled at the Los Angeles Auto Show later this year.

Foxconn Technology Group chairman Young-way Liu said: “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.”