American electric vehicle maker, Fisker has entered into a MOU with Hon Hai Technology Group (Foxconn) supporting a project to develop a breakthrough electric vehicle.
The company said in an emailed statement that the proposed collaboration, codenamed “Project PEAR” (Personal Electric Automotive Revolution), will see Fisker and Foxconn jointly develop a breakthrough new segment vehicle. Foxconn will manufacture the vehicle at projected annual volumes of more than 250,000. The project will have global market scope — including North America, Europe, China, and India.
The 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.
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 Q2 2021.