Please ensure Javascript is enabled for purposes of website accessibility

Fisker Signs EV Manufacturing Deal With Foxconn

By Eric Volkman – May 14, 2021 at 8:27AM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The two will collaborate on bringing "a new breakthrough electric vehicle" to market.

Fisker (FSR -1.18%), the ambitious design-centered electric vehicle (EV) company, has a new manufacturing partner. The carmaker has signed framework agreements with veteran tech manufacturer Hon Hai Precision Industry (HNHPF 2.92%), better known as Foxconn, to collaborate on the development and production involved with its Project PEAR.

PEAR stands for Personal Electric Automotive Revolution, which Fisker describes grandly as "a program to develop a new breakthrough electric vehicle."

The rear of a Fisker Ocean SUV.

A Fisker Ocean SUV. Image source: Fisker.

Under the terms of their deal, which was announced Thursday, Fisker and Foxconn will both invest into the project, and each will earn money when and if it is successfully completed. The two companies will develop a lightweight vehicle platform called FP28, upon which they will develop and produce Project PEAR automobiles.

In its press release touting the deal, Fisker did not provide any financial specifics or estimates for the partnership. It did quote its CEO and namesake Henrik Fisker as saying, "In order to deliver on our promise of product breakthroughs from Project PEAR, we needed to rethink every aspect of product development, sourcing, and manufacturing."

"Our partnership with Foxconn enables us to deliver those industry firsts at a price point that truly opens up electric mobility to the mass market," he added.

If all goes smoothly, the vehicle that results from Project PEAR will be Fisker's second production model. The first, the Ocean SUV, is not yet on the market. Fisker aims to begin production of that vehicle in Europe in the fourth quarter of 2022. After Fisker and Foxconn nail down a U.S. manufacturing site, the PEAR automobile's start of production should be in the fourth quarter of 2023.

Never short of ambition, Fisker's aim with Project PEAR is to manufacture a vehicle that retails for under $30,000 while being a highly attractive product born of, in Henrik Fisker's words, "stunning design and innovation." 


Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Fisker, Inc. Stock Quote
Fisker, Inc.
$7.55 (-1.18%) $0.09
Hon Hai Precision Industry Co., Ltd. Stock Quote
Hon Hai Precision Industry Co., Ltd.
$6.35 (2.92%) $0.18

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 10/01/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.