Fisker’s founder and CEO, Henrik Fisker, discusses his public venture and the future of electric cars.
The manufacturer of electric vehicles Fisker Inc. and Foxconn Technology Group announced on Wednesday that they will collaborate on an electric vehicle project, leading to Fisker shares rising more than 38%.
In a joint release setting out their memorandum of understanding, the companies launched Project PEAR (Personal Electric Automotive Revolution): the creation of a “breakthrough electric vehicle” manufactured by the Fisker brand, which was developed by Foxconn will be manufactured at projected annual volumes of more than 250,000 starting in the fourth quarter of 2023.
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“The creation of Project PEAR with Foxconn brings together two like-minded and complementary companies, each focusing on creating new value in a traditional industry,” said Henrik Fisker, chairman and CEO of Fisker. “We will create a vehicle that transcends social boundaries while offering a combination of advanced technology, desirable design, innovation and value for money, while fulfilling our commitment to creating the world’s most sustainable vehicles.”
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| FSR | FISKER INC | 22.58 | +6.29 | + 38.61% |
“The Fisker and Foxconn Partnership brings together two world leaders in innovation to join forces to unlock the potential of the electric vehicle industry,” added Young-way Liu, chairman of Foxconn Technology Group.
The car will be sold in North America, Europe, China and India. While its design remains secret, Fisker teased in a tweet Wednesday morning that it might even have been ‘too futuristic’.
The companies also said they would enter into a formal agreement in the second quarter of 2021.
The vehicle is the second Fisker vehicle in California to be launched in 2022 on the heels of the launch of the Ocean SUV – in partnership with Magna International. (SPAC) plans to unveil a prototype of the ocean with a production intent later this year.
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Foxconn, best known as the maker of Apple’s iPhone, has previously worked with automakers, though the agreement with Fisker is the first with an American company in electric vehicles.
Previously, the world’s largest electronics manufacturer worked for other electric vehicle companies, including transactions with Chinese manufacturer Byton Ltd. and the car manufacturer Zhejiang Geely Holding Group and the then Fiat Chrysler Automobiles NV
While it remains unclear where the initial production will begin, Fisker told The Wall Street Journal there is a good chance it will be in the US; Foxconn has a factory in Wisconsin.
Simon Sproule, Fisker’s senior vice president of communications, told FOX Business that this venture is a big step for both companies and that the vehicle is likely to be manufactured in the United States.
“The automotive industry is a global industry and serves global markets. But every country is naturally interested in home-made technologies, home-based businesses,” he said, adding that the company hopes it will be a good maker of opportunities in the US. .
“I think what you’ve probably seen over the last two or three years is that the automotive industry is reaching a tipping point worldwide when it comes to the transition to electric vehicles,” Sproule said.
Sproule predicted that as the age of the internal combustion engine came to an end, mass adoption of electric cars would follow – indicated by the large number of new ventures for electric vehicles and the established car manufacturers’ focus on electric cars.
“It’s happening not only in the US, but also all over the world, and it’s really part of a reasonable seismic shift in the industry,” Sproule said.
He believes the market will ‘flourish’ in the coming years.
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“And I think a vehicle like the one we’re talking to Foxconn, I think we’ll be able to serve us very well. So we’m very excited about the opportunity it offers us,” Sproule concluded.
Fisker, which was founded in 2016, saw the light of day in October.