Fisker today announced it has entered into a MOU with Hon Hai Technology Group (Foxconn) supporting a project to develop a “breakthrough electric vehicle”.
The collaboration is codenamed ‘Project PEAR (Personal Electric Automotive Revolution)’. The two companies aim to jointly develop a breakthrough new segment vehicle. Foxconn will manufacture the vehicle at a projected annual volume of more than 250,000. The vehicles will be sold in North America, Europe, China, and India. Start of production is estimated at Q4 2023.
“We created our company to disrupt every convention in the auto industry,” commented Fisker Chairman and Chief Executive Officer, Henrik Fisker. “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.”
“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,” said Foxconn Technology Group Chairman, Young-way Liu. “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.”
Teams from 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.
“Not unlike when Isaac Newton realized the powers of gravity, the inspiration for this project has come from some unconventional sources,” added Mr. Fisker. “The design sketch hints at the direction we are taking. However, with the level of innovation planned for this vehicle, I intend to keep the final design a surprise until the last possible moment!”
Notably, Apple is said to be searching for a manufacturing partner for Apple Car. If Foxconn is able to prove itself with the production of a vehicle for Fisker, perhaps we could see Foxconn assembling an Apple Car in the future.
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