Shortly after Foxconn Technology Group (also known as Hon Hai Precision Industry Co.) finalized its purchase of Lordstown Motor Co.’s manufacturing facility in Ohio last week, the electronics giant announced it will be building Fisker, Inc.’s upcoming Personal Electric Automotive Revolution (PEAR) vehicle.
Fisker and Foxconn announced they had entered into a partnership in February of last year. At the time, Fisker’s Chief Executive Officer Henrik Fisker said, “The creation of Project PEAR with Foxconn brings together two likeminded and complementary companies, each focused on creating new value in a traditional industry.”
Fisker added that the PEAR EV will be a “revolutionary electric vehicle that won’t fit into any existing segment” and added that Fisker’s engineering team is “working on new features and high-tech solutions for the PEAR that will change how we use and enjoy a vehicle in the city.”
As part of last week’s $260 million Foxconn-Lorsdtown agreement, Foxconn will produce Lordstown’s vehicles but is also allowed to use the newly purchased facility to build vehicles for other manufacturers if it chooses to.
When the facility reaches full production at the Lordstown plant, the companies are planning on producing at least 250,000 PEAR EVs annually. As a push to increase consumers’ interest in EVs by making them more affordable, Fisker has previously said that the starting price of the PEAR EVs would be under $30,000 before tax credits.
Production of the PEAR EV is expected to start in 2024, and consumers can now reserve one on Fisker’s website for $250.
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