EV Startup Fisker Inc to Produce its Second Vehicle in Ohio at Foxconn's Newly Acquired Factory
California-based electric vehicle startup Fisker Inc is getting ready to launch its first model later this year called the Fisker Ocean. The Ocean is a fully-electric SUV which is being built by Graz, Austria-based contract manufacturer Magna Steyr. Production is slated to begin in November.
Although the Ocean has not yet entered series production, the company has already teased its second electric model, dubbed the PEAR, which stands for "Personal Electric Automotive Revolution".
On Thursday, Fisker confirmed that it will produce the PEAR EV, at Foxconn's newly acquired factory in Ohio that it purchased from electric truck maker Lordstown Motors. The factory is GM's former Lordstown Assembly Plant, which was sold to Lordstown in Nov 2019.
The Fisker PEAR will enter production in 2024. Both the Fisker and Foxconn teams are fully engaged and expect to build a minimum of 250,000 Fisker PEAR units a year at the plant after a ramp up period.
Foxconn is best known as Apple Inc's manufacturing partner and has assembled hundreds of millions of iPhones in China for the technology giant. But Foxconn is looking to diversify its electronics assembly business, including building electric vehicles, which are becoming more like "smartphones on wheels".
Foxconn announced in Oct 2020 that it aims to provide components or services to around 10% of the world's electric vehicles between 2025 and 2027. Foxconn Chairman Liu Young-way also said that the company is in talks with multiple automakers to reach that goal.
Foxconn unveiled three electric vehicle prototypes in Oct 2021 at its annual Foxconn Technology Day event in Taipei. The three EV prototypes are named the Model C, Model E and Model T, which are a SUV, sedan and bus. The three vehicles are designed for mass production. The reference designs allow other EV companies to customize the vehicles to their own specifications.
Fisker entered into a MOU with Foxconn in Feb 2021 to build the PEAR, with projected annual volumes of more than 250,000 units. Production of the new EV is planned for late 2023 or early 2024.
Fisker and Foxconn have already established several work streams focused on design, technology, engineering and manufacturing of the PEAR.
Fisker says its collaboration with Foxconn in Ohio is poised to "revolutionize the traditional automotive business model" by introducing Foxconn's efficient manufacturing capabilities to electric vehicle production at scale. The efficient manufacturing can help EV startups like Fisker design and produce a new electric vehicle in as little as two years, which is unpreceded in the auto industry.
Although we still don't know many details about the PEAR, Fisker promises that the vehicle will be revolutionary, as well as affordable.
"The PEAR will be a revolutionary electric vehicle that won't fit into any existing segment. The exterior design will feature new lighting technology and a wraparound front windscreen inspired by a glider plane glass canopy, enhancing frontal vision," says Fisker Chairman and CEO Henrik Fisker. He plans to visit the Ohio factory with a team of engineers on May 13.
"Our engineering group 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," Fisker said.
The Fisker PEAR will have an expected base price below $29,900 before incentives. Fisker said it has designed and engineered the vehicle to reduce the number of parts, which will allow for rapid, simplified manufacturing.
The Fisker PEAR will be built on a new proprietary electric vehicle architecture. The new platform will also underpin two additional models that Fisker will introduce at a later date.
Just over a week ago, Fisker teased its third electric vehicle, a high-performance sports car in development that the company calls "Project Ronin". The vehicle will rival high performance electric vehicles including the Tesla Model S Plaid and Roadster, Porsche Taycan, Mercedes-Benz EQS and Lucid Air Sedan and other premium EVs.
As an EV startup, Fisker does not have an auto factory like its rivals Tesla, Rivian and Lucid, which is why the Ocean SUV is being built by Magna Steyr, which has built vehicles for automakers in the past, including BMW, Jaguar and Mercedes-Benz. It will be Magna's first contract manufacturing deal with an EV startup.
Fisker is among a new crop of electric vehicle startups that are aiming to capture some of the success of Tesla, which over the last decade has grown to become the world's most valuable automaker. Fisker is billing itself as "the world's first digital car company." The company was founded in 2016 by Henrik Fisker.
Mr. Fisker is an automotive industry veteran and is best known for designing iconic luxury cars, including the BMW Z8 and Aston Martin DB9.
Fisker opened up reservations for the PEAR in February. Interested customers can reserve one for just $250 for the first reservation and $100 for the second reservation.
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