Fisker, a designer and manufacturer of electric vehicles (EV) and mobility solutions, has announced it has entered into a MOU with Foxconn Technology Group (Hon Hai) supporting a project to develop a breakthrough EV.
The proposed collaboration, codenamed "Project PEAR" (Personal Electric Automotive Revolution), will see Fisker and Foxconn jointly develop a new segment vehicle.
Foxconn will manufacture the vehicle at projected annual volumes of more than 250,000, with production expected to start in fourth-quarter 2023, said Fisker.
"We created our company to disrupt every convention in the auto industry," commented Fisker chairman and CEO, 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 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."
"The new collaboration between Foxconn and Fisker will revolutionize the automotive industry model by introducing ICT capabilities - which help automakers accelerate their transition to new, innovative, and efficient manufacturing processes and business models. The collaboration between our firms means that it will only take 24 months to produce the next Fisker vehicle - from research and development to production, reducing half of the traditional time required to bring a new vehicle to market," said Liu.
Following the signing of the MOU, 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 second-quarter 2021, said Fisker.
