Longtime Apple supplier Foxconn Technology Group has signed a memorandum of understanding with start-up electric-vehicle maker Fisker to partner on a global project.
Howard Smith for The Motley Fool:
Under the agreement, Foxconn plans to manufacture up to 250,000 electric vehicles (EVs) annually under the Fisker brand. Foxconn’s connection to Apple leads to speculation whether a rumored electric car from Apple could end up being built by Foxconn.
Fisker and Foxconn say the project aims to build a vehicle that will target markets in North America, Europe, China, and India. The companies plan to begin production in the fourth quarter of 2023.
Fisker currently plans to begin delivering its all-electric Ocean SUV by the end of 2022. The Ocean will be a Fisker brand initially built in Europe by manufacturing partner Magna (NYSE:MGA). The Ocean SUV will use a modified version of a Magna-developed EV platform, Fisker said in announcing the manufacturing agreement.
MacDailyNews Take: Highlights of the proposed collaboration, codenamed ‘Project PEAR’ (Personal Electric Automotive Revolution):
• Fisker and Foxconn to jointly develop a breakthrough new segment vehicle.
• Foxconn to manufacture the vehicle at projected annual volumes of more than 250,000.
• Global market scope – including North America, Europe, China, and India.
• Projected start of production is Q4 2023; this will be the second vehicle introduced by the Fisker brand, following the launch of the Ocean SUV in Q4 2022.
Read Fisker’s full press release
Makes sense as all major brands want to prevent watering down their identities they spend so much to promote.