EV startup Fisker ties up with Foxconn to manufacture electric cars

The Taiwanese technology giant Foxconn has announced that it will partner with American electric car startup Fisker to start manufacturing electric vehicles for the American market in late 2023. The companies released a joined statement saying that together they are going to develop a technology that will make electric vehicles more affordable.

Fisker's CEO Henrik Fisker said that this partnership will enable the company to make products at a price that will open up electric mobility to the mass market. Fisker has named the joint venture Project Pear which stands for Personal Electric Automotive Revolution.

According to the statement, the companies have decided to keep starting price of the vehicle under $30,000. It also added that they aim to produce an annual volume of more than 250,000 units in multiple sites. However, as per the report based on the statement, the companies have not disclosed the type of electric vehicle they plan to manufacture.

With a goal to start production by the fourth quarter of 2023 in the US, the companies said they were also in the process of studying sites for future production in other countries. The cars will be sold under the Fisker brand in markets that will include North America, China, Europe and India. The companies refrained from giving out any financial details of the investment.

Foxconn chairman Liu said that the company has put in great efforts to work with suppliers around the world to ensure supply for the new factory, according to the report. He also added that they have already secured the delivery of chipsets and semiconductors.

Hon Hai Precision Industry Co, Ltd. which is known as Foxconn is one of the largest contract electronics makers on a global scale and is also the one that assembles Apple's iPhones. The company has been looking to branch out to robots, electric vehicles and digital healthcare for sometime now.