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Fisker and Foxconn sign Memorandum of Understanding (MOU) in support of the global electric vehicle project.
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It will pioneer a new market segment and provide pioneering innovations in the sector. Vehicle to be developed and sold together under the Fisker brand, including through the Fisker Flexee Lease program.
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Manufactured by Foxconn and aimed at several global markets.
Fisker Inc. (NYSE: FSR) (Fisker) – designer and manufacturer of the world’s most exciting and green electric vehicles and advanced mobility solutions – today announced that it has entered a MOU with Hon Hai Technology Group (TWSE: 2317) (Foxconn) supporting a project to develop an innovative electric vehicle. Highlights of the proposed collaboration, codenamed ‘Project PEAR’ (Personal Electric Automotive Revolution):
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Fisker Inc. (NYSE: FSR) (Fisker) – designer and manufacturer of the world’s most exciting and environmentally friendly electric vehicles and advanced mobility solutions – today announced that it has entered a MOU with Hon Hai Technology Group (TWSE: 2317) (Foxconn) supporting a project to develop an innovative electric vehicle. Fisker and Foxconn jointly develop an innovative segment vehicle. Foxconn will manufacture the vehicle in projected annual volumes of more than 250,000. Global market scope – including North America, Europe, China and India. Projected production starts in the fourth quarter of 2023; this will be the second vehicle presented by the Fisker brand, after the launch of the Ocean SUV in the fourth quarter of 2022. (Graphic: Business Wire)
– Fisker and Foxconn will jointly develop an innovative segment vehicle.
– Foxconn to manufacture the vehicle in projected annual volumes of more than 250,000.
– Global market scope – including North America, Europe, China and India.
– Projected production starts in the fourth quarter of 2023; this will be the second vehicle presented by the Fisker brand, after the launch of the Ocean SUV in the fourth quarter of 2022.
“We created our company to disrupt all automotive industry conventions,” commented Fisker President and CEO Henrik Fisker. “The creation of the PEAR Project with Foxconn brings together two similar and complementary companies, each focused on creating new value in a traditional industry. We will create a vehicle that crosses social boundaries, offering a combination of advanced technology, desirable design, innovation and value for money, while fulfilling our commitment to create the most sustainable vehicles in the world. “
“The Fisker and Foxconn partnership brings together two global innovation leaders who will join forces to unlock the potential of the electric vehicle industry,” said Foxconn Technology Group President Young-way Liu. “Foxconn’s participation in the electric vehicle industry provides a renewed impetus for the Information and Communication Technology (ICT) industry that is already focused on this exciting sector. The main elements of successful electric vehicle development include the electric motor, module of electrical and battery control. We have two main advantages in this regard, with an exceptional vertically integrated global supply chain and the best supply chain management team in our industry. Along with our accumulated engineering resources, Foxconn has been critical for the success of many ICT companies over the past 40 years and we hope to extend that success with Fisker. “
The new collaboration between Foxconn and Fisker will revolutionize the automotive industry model by introducing ICT capabilities – which help car manufacturers accelerate their transition to new, innovative and efficient manufacturing processes and business models. “Collaboration between our companies means that it will take just 24 months to produce the next Fisker vehicle – from research and development to production, reducing half the traditional time required to bring a new vehicle to market,” said Young-way Liu.
Fisker is projected to begin production of its first vehicle, the electric SUV Ocean, in the fourth quarter of 2022. Interest in the Ocean continues to grow at an encouraging pace, with more than 12,000 global reservations paid to date. Fisker plans to unveil a prototype with an Ocean production intent later this year.
After signing the MOU, the Fisker and Foxconn teams will establish several workflows focused on design, technology, engineering and manufacturing. Due to the rapid development schedule, both companies hope to complete discussions and enter into a formal partnership agreement during the second quarter of 2021.
“Not unlike when Isaac Newton realized the power of gravity, the inspiration for this project came from some unconventional sources,” added Mr. Fisker. “The design outline points to the direction we are taking. However, with the level of innovation planned for this vehicle, I intend to keep the final design a surprise until the last possible moment!”
For more information or for interview questions, contact [email protected].
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive industry by developing the most environmentally friendly and emotionally desirable electric vehicles on the planet. Driven by a vision of a clean future for all, the company has the mission to become the No. 1 provider of electronic mobility services with the most sustainable vehicles in the world. To learn more, visit www.FiskerInc.com – and enjoy exclusive content on Fisker’s social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play Store.
About Foxconn Technology Group
Established in Taiwan in 1974, Hon Hai Technology Group (Foxconn) (2317: Taiwan) is the largest electronics manufacturer in the world. Foxconn is also the leading provider of technological solutions and continuously leverages its software and hardware expertise to integrate its unique manufacturing systems with emerging technologies. To learn more, visit www.honhai.com
Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act 1995. These statements may be identified by words such as “feel”, “believe”, ” expects “” esteem “,” projects “,” intends “,” must “,” is to be “or the negative of such terms, or other comparable terminology and includes, among other things, quotes from our CEO and related statements future performance of the Company in accordance with “Business Outlook for 2021” and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which may cause actual results to differ materially from those of the future – forward-looking statements contained in this document due to many factors, including, but not limited to: Fisker’s limited operating history; Fisker’s ability to enter into additional manufacturing and other contracts with Magna, or other OEMs or tier one suppliers to execute its business plan; the risk that the OEM and supply partners will not meet agreed deadlines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and hire additional staff; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; and the ability to protect your intellectual property rights; and the factors discussed in Fisker’s Registration Statement on Form S-1 (No. 333-249981) under the heading “Risk Factors” filed with the Securities and Exchange Commission (the “SEC”) and other reports and filing documents Fisker of the time in time with the SEC. Any forward-looking statements are only valid as of the date they were made, and Fisker assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
See the source version at businesswire.com: https://www.businesswire.com/news/home/20210224005438/en/
Contacts
Contact: Fisker Inc.
Simon Sproule, SVP, Communications
+1.310.374.6177 / [email protected]
Dan Galves, VP, Investor Relations
[email protected]
[email protected]
Contact: Foxconn Technology Group
Jimmy Huang, Deputy Spokesperson, Corporate Communication
+866.2.2268.3466 / [email protected]