[Asia Economy Reporter Yujin Cho] Taiwan's Foxconn has signed a contract to jointly develop and produce electric vehicles with the US startup electric car company Fisker, TechCrunch and others reported on the 13th (local time).
Fisker and Foxconn announced that they finalized the negotiations for electric vehicle development and production on the same day, and that the first factory will be established in the US in 2023. The electric vehicles jointly developed by the two companies will begin production in the fourth quarter of 2023 and will be sold under the Fisker brand in North America, Europe, China, India, and other regions.
Henrik Fisker, Chairman and CEO of Fisker, said about the plan known as 'Project PEAR,' "Through the partnership with Foxconn, we will introduce the industry's first product that offers electric vehicles at an affordable price to the market."
The two companies plan to expand factories overseas starting with the US factory and produce more than 250,000 electric vehicles annually.
The electric vehicles produced at the US factory are expected to be 5-seater passenger cars based on the jointly designed new FP28 platform, with an annual production of more than 150,000 units.
The location of the US factory has not been confirmed, but Fisker has stated that it is considering four states as candidates, including Wisconsin, where Foxconn's factory is located.
The two companies signed a memorandum of understanding (MOU) in February to jointly develop electric vehicles, with Foxconn producing and selling them under the Fisker brand.
Fisker, an electric vehicle company founded by vehicle designer Henrik Fisker, plans to produce its first independent model, the sport utility vehicle (SUV) Ocean, through Canada's Magna International by the end of next year.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
