- Fisker to sell EVs in Europe, China, India and North America

- The electric vehicles would be in sub $30,000 range

An electric car start-up Fisker Inc. and manufacturing giant Foxconn Technology Group have signed framework agreements to co-develop and manufacture mass-market electric vehicles for Project PEAR (Personal Electric Automotive Evolution). This jointly established Project PEAR will produce vehicles starting from under $30,000 before grants. The EVs will be sold under the Fisker nameplate in North America, Europe, India and China.

Both entities will start the vehicle production in the fourth quarter of 2023 in the United States. Meanwhile, Fisker and Foxconn are pondering over several factory locations in the country. Moreover, the companies arealso analysing other global markets to set up manufacturing sites outside US for future production. They expect to reach the annual production capacity of 250,000 units including that in United States and other global sites. Since Fisker and Foxconn are considering international markets for future production, there is a likelihood of them setting up a factory in India.

“Our partnership with Foxconn and the creation of Project PEAR has taken shape with remarkable speed and clarity of vision,” said Mr Fisker Chairman and CEO, Fisker Inc. “At under $30,000 with stunning design and innovation, we are rethinking the car, both in terms of proportions, design, interior functionality and connected user experience. Project PEAR comes just a year after we launch the Ocean,' he added.

Fisker and Foxconn will jointly invest in Project PEAR to develop inexpensive electric cars. The brands will mutually work on a new lightweight vehicle platform, codenamed FP28. Additionally, Fisker Inc. will lead on the designing front while Foxconn would look after the manufacturing, in particular the prodigious supply-chain, maintaining the deliveries of chipsets and semiconductors.

Besides, Fisker has already revealed the Ocean which is set to go into production in 2022. The Los-Angeles based start-up has already joined hands with Magna Inc. to make the Ocean electric vehicle starting at about $38,000. Fisker Inc. also expects to start manufacturing the Ocean in Europe by late 2022.