Fisker and Foxconn Sign Framework Agreements for Project PEAR; Confirming Manufacturing to Start in U.S. From Q4 2023

Fisker Inc. (NYSE: FSR) (Fisker) – passionate creator of the world's most sustainable electric vehicles and advanced mobility solutions – today announced it has signed framework agreements with Hon Hai Technology Group (TWSE:2317) (Foxconn) supporting joint development and manufacturing related to Project ‘PEAR’ (Personal Electric Automotive Revolution), a program to develop a new breakthrough electric vehicle.

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Breakthrough new segment vehicle to be jointly developed and sold under the Fisker brand into global markets including North America, Europe, China, and India. Manufacturing to commence first in the United States with several locations under consideration by Fisker and Foxconn. Other global manufacturing sites under study for future production, supporting projected annual volumes of more than 250,000 units across multiple sites. (Photo: Business Wire)

Under the agreements, Fisker and Foxconn will jointly invest into Project PEAR, with each company taking proceeds from the successful delivery of the program. Fisker will work with Foxconn on a new lightweight platform designated ‘FP28,’ leveraging technological expertise from each company to support Project PEAR and potential future vehicles.

“Our partnership with Foxconn and the creation of Project PEAR has taken shape with remarkable speed and clarity of vision,” commented Fisker Chairman and Chief Executive Officer, Henrik Fisker. “In order to deliver on our promise of product breakthroughs from Project PEAR, we needed to rethink every aspect of product development, sourcing, and manufacturing. Our partnership with Foxconn enables us to deliver those industry firsts at a price point that truly opens up electric mobility to the mass market.”

“Foxconn is excited that our partnership with Fisker continues to trend in the right direction with exciting speed,” said Foxconn Technology Group Chairman, Young-way Liu. “Our work with Fisker aligns with our corporate 3+3 platform, and thanks to our MIH Alliance, Foxconn will be able to work with suppliers from across the world for Project PEAR. We have world-class supply chains in place to support Project PEAR – in particular, securing the reliable delivery of chipsets and semiconductors."