iPhone Assembler Foxconn Signs ‘Breakthrough’ EV Deal With Fisker

Taiwan-based Foxconn, the world’s largest electronics contract manufacturer, has partnered with California-based Fisker Inc to build a “breakthrough” new electric car.

The vehicle will be jointly developed and sold under the Fisker brand, with Foxconn aiming to manufacture the vehicle at annual production volumes of more than 250,000. Its global market scope will include North America, Europe, India and China.

Currently known as Project PEAR, the two companies’ collaboration intends to complete its R&D-to-production development cycle within 24 months, according to Foxconn chairman Young Liu – cutting the traditional timeline for EV production in half.

The Fisker-Foxconn EV could go into production as early as 2023, according to the firm’s announcement.

Liu also spoke optimistically on being able to source electric motors, control modules and batteries crucial to EV production. “We have two major advantages in this regard, with an exceptional vertically integrated global supply chain and the best supply chain management team in our industry,” Liu wrote in an emailed statement.

Henrik Fisker, Fisker chairman and CEO, also hailed the partnership and the two companies’ shared vision. “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,” he said.

Foxconn has already struck deals to work on electric cars with Fiat Chrysler and Geely, among other automakers. The push is a marked departure from the company’s traditional business model, manufacturing iPhones and other mass market consumer electronics.

As the world’s largest manufacturer, Foxconn sees an impressive $172.8 billion in annual sales. Its shares rose as much as 4.5% on Thursday following the announcement of its collaboration with Fisker.