Fisker wants to build an electric vehicle with Apple supplier Foxconn

– Feb. 24th 2021 1:02 pm ET

Fisker, Henrik Fisker’s latest electric vehicle startup, wants to build an electric vehicle with Foxconn, a massive Chinese company better known for being an Apple supplier.

After the original Fisker Automotive went bankrupt, the assets of the defunct EV startup were purchased by a Chinese interest who relaunched the company and its Karma (now Revero) plug-in hybrid.

A few years later, Henrik Fisker won the right to use his name again and launched a new EV startup.

In 2018, the startup unveiled its new EMotion all-electric vehicle with the claim of a 400-mile range on a single charge.

Unlike the first Fisker electric car, which was dependent on a battery system from A123, they are claiming that they developed their own battery technology for their new vehicles.

Fisker claimed a solid-state battery “breakthrough” for electric cars with “500 miles range and 1-minute charging” that would come to market on an aggressive timeline.

Later, they have walked back some of those comments and said that their first production vehicle from the new EV startup would actually be equipped with regular Li-ion battery cells.

Last year, the famed car designer unveiled another prototype, the Fisker Ocean, an electric SUV that they claim would be their first production vehicle after unveiling several different prototypes.

The company has been signaling that they don’t plan to build their electric vehicles themselves.

Fisker later announced a deal with Magna to build the Ocean electric SUV.

Now Fisker is announcing a new deal with Foxconn to build a new electric vehicle:

“Fisker Inc. (NYSE: FSR) (Fisker) – designer and manufacturer of the world’s most emotion-stirring, eco-friendly electric vehicles, and advanced mobility solutions – today announced it has entered into a MOU with Hon Hai Technology Group (TWSE:2317) (Foxconn) supporting a project to develop a breakthrough electric vehicle.”

The project is codenamed “Project PEAR” (Personal ElectricAutomotive Revolution).

Fisker Chairman and Chief Executive Officer Henrik Fisker commented on Project PEAR:

“We created our company to disrupt every convention in the auto industry. 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.”

Here are some of the highlights of the tentative agreement between Fisker and Foxconn:

Fisker and Foxconn to jointly develop a breakthrough new segment vehicle.
Foxconn to manufacture the vehicle at projected annual volumes of more than 250,000.
Global market scope – including North America, Europe, China, and India.
Projected start of production is Q4 2023; this will be the second vehicle introduced by
the Fisker brand, following the launch of the Ocean SUV in Q4 2022.

Foxconn has been dabbling in electric vehicles starting with building the Evoke electric motorcycle.

With Apple also reportedly looking for a partner to build an upcoming electric car, it is interesting to see Foxconn going deeper into the EV space.

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