The company responsible for manufacturing theplans to build an electric car. This is a weird world, guys. On Wednesday, Foxconn and electric car startup of Fisker announced a memorandum of understanding that will see Foxconn build a new EV for Fisker.
Project Personal Electric Automotive Revolution, or Project PEAR, will be a "breakthrough new segment vehicle" and both companies underscored Foxconn's vertically integrated supply chain, which should bring the vehicle to life in two years. It sounds like an aggressive and optimistic timeframe, but the iPhone assembler and EV startup think they have unique qualities to introduce a vastly different vehicle.
"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 CEO and founder Henrik Fisker said.
Both companies will take part in development of the new vehicle, though it's not clear what shape it will take. A very vague design sketch shows what looks like a swoopy, high-riding kind of car, but who knows how a prototype may shake out, let alone a production car. For Foxconn, it'll mark the first time it dives into this business after previously stating it was ready to. The company also said it would as well, but this project is far more involved, from what it sounds like.
Foxconn said it will build up to 250,000 of these EVs annually and Fisker plans to tackle multiple countries with the vehicle, including the US and China. The continent of Europe is on the companies' combined radar, too. If things shake out like the firms hope, we'll see this vehicle enter production in late 2023. In the meantime, Fisker said it's on track to begin production of itsin late 2022.