Fisker has signed an initial deal with the Hon Hai Technology Group (Foxconn) to work on a project codenamed ‘Project PEAR’ (Personal Electric Automotive Revolution). This is the first public deal for Foxconn's move into the car technology and manufacturing business.
PEAR will be a ‘new segment’ of personal transportation, says chairman Henrik Fisker (with an initial sketch above). It will also include leasing options, raising the possibility of personal driverless vehicles, and areas that Foxconn is focussing on with its vehicle electronics.
“The Fisker and Foxconn partnership brings together two global leaders in innovation that will join forces to unlock the potential of the electric vehicle industry,” said Foxconn Technology Group Chairman, Young-way Liu.
“Foxconn's participation in the electric vehicle industry delivers a refreshing thrust into the Information and Communication Technology (ICT) industry that is already focused on this exciting sector," he said. "The key success elements of electric vehicle development include the electric motor, electric control module and battery. 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. Coupled with our accumulated engineering capabilities, Foxconn has been critical to the success of many ICT companies over the past 40 years and we look forward to extending this success with Fisker.”
If the full deal is signed in the next six months, Foxconn will manufacture the vehicle by the end of 2023 with annual volumes of more than 250,000 for North America, Europe, China, and India. This 24 month development from R&D to production is less than half the traditional timeframe, says Young-way Liu.
“The new collaboration between Foxconn and Fisker will revolutionize the automotive industry model by introducing ICT capabilities, which help automakers accelerate their transition to new, innovative, and efficient manufacturing processes and business models,” he added.