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Fisker Inc and Foxconn Technology Group have joined hands to co-develop and manufacture an EV for the mass market. This new EV project is the result of Project PEAR (Personal Electric Automotive Evolution) jointly established by both brands.
This new proposed EV under the Project PEAR will be one of the most affordable EVs in the American market with a starting price of under $30,000 (Rs 21.91 lakh). In addition to this, the government will offer subsidies and financial benefits.
The proposed EV will be sold under the Fisker brand and is most likely to go on sale in North America, Europe, India and China. Both Fisker and Foxconn have planned to start the production of their new affordable range of electric cars from the fourth quarter of 2023.
To move in accordance with the plan, the duo has been looking for a suitable manufacturing facility within the United States. However, we believe that Fisker may even set up a manufacturing facility in India for reduced overall production costs.
In this joint venture, we assume that Fisker will be taking care of the design of the vehicle. The Fisker Karma is one of the best-looking electric vehicles even though it was launched way back in 2012. The electronics suite and most of the manufacturing might be taken care of by Foxconn, as they are the world's third-largest electronics manufacturing services company.
Thoughts On Fisker-Foxconn Electric Vehicle Partnership
The announcement of two big brands entering a joint venture to create EVs is a clear sign of the huge potential for EVs in the future. It is also to be noted that no tech company wants to be left behind in this race to conquer the budding market.