Fisker and Foxconn to build sub-$30,000 EV in US

Fisker in February announced it would work with Taiwanese contract manufacturer Foxconn to realize an affordable, mass-produced electric vehicle for launch in late 2023.

On Thursday, the two companies provided an update on the plans, including confirmation the vehicle, code-named Project Pear, will be built in the United States and have a price tag of less than $30,000, before incentives. A specific site for production is still under evaluation.

The vehicle’s code name is an acronym for “Personal Electric Automotive Revolution,” and Fisker is looking to build as many as 250,000 units annually for global sale, with the company planning production in other countries should demand reach those levels.

Fisker said the exterior design of the vehicle is locked in, and supply chains for vital components such as chips already addressed. The next key stage is developing a lightweight platform, code-named FP28. The FP28 will be related to the modular EV platform Foxconn unveiled in 2020.

Teaser sketch for Fisker electric vehicle being developed with Foxconn

Teaser sketch for Fisker electric vehicle being developed with Foxconn

By relying heavily on information technology, the two companies are looking to go from initial R&D to production within the space of 24 months, or about half the traditional time it takes to launch a new vehicle.

“We created our company to disrupt every convention in the auto industry,” Henrik Fisker, chairman and CEO of Fisker, said in a statement. “We will create a vehicle that crosses social borders, while offering a combination of advanced technology, desirable design, innovation and value for money, while delivering on our commitment to create the world’s most sustainable vehicles.”

Project Pear will be the second electric vehicle from Fisker. The first will be the Ocean crossover that Fisker has tapped Austrian contract manufacturer Magna Steyr to build. The Ocean is being developed on a platform supplied by Magna and will start production at Magna’s plant in Graz, Austria, in late 2022. A production-ready prototype will be shown in November at the 2021 Los Angeles Auto Show.

There could be even more Fisker vehicles arriving in quick succession. The company in January showed an image of a lifestyle pickup truck, and in the past has hinted at a coupe-like crossover, as well as a super sedan based on a 2018 concept.

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