EV Maker Fisker Signs Deal With Apple-Partner Foxconn

Apple partner Hon Hai Precision Industry Co. ventured into the electronic vehicle market with a deal with Los Angeles-based startup Fisker Automotive. Hon Hai, better known as Foxconn in the tech industry, will work with Fisker to produce a brand new EV.

The longtime Apple contractor's shares closed up around 39% Wednesday after news about its foray into EV production was confirmed. Foxconn has been in talks with several other automakers such as Stellanis N.V., Zhejiang Geely Holding Group, and Byton, Reuters reported.

Foxconn’s commitment to Fisker will reportedly target the production of over 250,000 electric vehicles annually. Assembly is not expected to begin until late 2023.

As for the EV’s specifications, both companies are keeping it under wraps for now. CNBC points out that the only detail provided was that it will be for a “new segment vehicle.”

Henrik Fisker, the CEO of Fisker Automotive, said, “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.”

The unnamed EV will carry the codename “Project PEAR” until further notice. The latter supposedly stands for “Personal Electric Automotive Revolution.”

Fisker’s venture with Foxconn comes after a deal with Magna International to develop an all-electric SUV, Investor’s Business Daily reported.