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Foxconn and Fisker are collaborating to produce thousands of electric cars two years from now. The united companies shared they are hoping to make over 250,000 EVs per year starting in late 2023.
The “PEAR” collaborative project
As per Reuters, Foxconn and Fisker codenamed their deal “Project PEAR,” which stands for Personal Electric Automotive Revolution, and they are thinking of marketing their products globally. As of this time, the two companies are thinking of bringing their EVs to Europe, India, North America, and China.
Fisker Automotive is an American luxury vehicles company, and it was known for its Fisker Karma, one of the world's first luxury plug-in range-extended electric sports sedans. On the other hand, Foxconn is a Taiwanese electronics company that has been supplying parts for Apple’s iPhones.
These two are joining forces to create one of the best electric cars that will be traversing the roads in the future. In any case, Foxconn’s interest in EVs is not new, and in fact, it has also signed deals with other electric car makers Geely and Byton.
“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,” Young Way Liu, Foxconn’s chairman, said via press release.
Fisker’s CEO, Henrik Fisker, further said, “We created our company to disrupt every convention in the auto 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.”
Fisker’s shares surge
After the announcement of Fisker and Foxconn’s team up, the EV automaker’s shares immediately recorded a surge in shares. It was reported that it has jumped to 23.4% to $20.10 in premarket trading on Wednesday morning after the deal has been revealed.
Foxconn and Fisker’s first priority in rolling out the EV cars in the U.S. market. In fact, an insider told Nikkei Asia that the companies are planning to make the vehicles in Foxconn’s complex in Wisconsin. Finally, it was said that it would only take a year for Fisker to produce its next electric vehicle.
