California-based EV maker Fisker Inc. and Taiwan’s Foxconn Group signed an agreement to move forward with the joint development and manufacturing of a new electric vehicle.
The goal of what the two companies are calling Project PEAR, which stands for Personal Electric Automotive Revolution, calls for producing a battery electric vehicle that will costs less than $30,000 by 2023.
“Our partnership with Foxconn and the creation of Project PEAR has taken shape with remarkable speed and clarity of vision,” said Fisker Chairman and Chief Executive Officer Henrik Fisker in a statement.
Fisker added, “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.
The partnership with Foxconn, which makes iPhones for Apple and Xbox for Microsoft, will enables his company to deliver those industry firsts at a price point that truly opens up electric mobility to the mass market, Fisker said.
Foxconn ready to handle project
Under the agreement, Fisker and Foxconn will both invest in the project, with each company taking proceeds from the successful delivery of the program.
Plans call for Fisker to work with Foxconn on a new lightweight platform designated “FP28,” leveraging technological expertise from each company to support project and potential future vehicles.
“Foxconn is excited that our partnership with Fisker continues to trend in the right direction with exciting speed,” said Foxconn Technology Group Chairman Young-way Liu.
Liu said Foxconn will be able to work with suppliers from across the world. “We have world-class supply chains in place to support Project PEAR — in particular, securing the reliable delivery of chipsets and semiconductors,” he added.
Following an extensive review of potential U.S. manufacturing sites, the two companies will expedite a manufacturing plan capable of supporting the projected Q4 2023 start of production, Liu said. Foxconn already has a partially developed manufacturing site in southern Wisconsin but has not said whether it could be used for the EV project.
Fisker has bold plans
Meanwhile, Fisker, with help from another contract manufacturer, Magna, is preparing to start production in Europe on its first vehicle, the Ocean electric SUV, in the fourth quarter of 2022.
Fisker plans unveil a production-intent prototype of the vehicle at the Los Angeles Auto Show later this year. Project PEAR will be the company’s second production model, Fisker said
“At under $30,000 with stunning design and innovation, we are rethinking the car, both in terms of proportions, design, interior functionality and connected user experience. Project PEAR comes just a year after we launch the Ocean,” added Fisker. “We see the tipping point for electric vehicles fast approaching and we are utterly focused on being ready to meet that demand. The Fisker brand will go beyond electrification, by taking the lead in design innovation and sustainability.”