Fisker finalized an electric vehicle assembly deal with Foxconn Technology, including the latter's plans to open a U.S. plant in 2023. The new facility will launch with a capacity of 150,000 vehicles per year.
- The seven-year agreement provides access to Foxconn's supply chain, including chipsets and semiconductors suppliers.
- Under the deal, the companies will co-invest in "Project PEAR" (Personal Electric Automotive Revolution) on profit-sharing terms.
- Foxconn committed to assembling over 250,000 vehicles a year for Fisker starting in 2023.
- Although not described in detail, the new vehicle will be based on a jointly designed new lightweight platform, FP28. The five-passenger car will be sold globally for $30,000 before subsidies.
- Fisker's Ocean SUV is planned to be manufactured in Europe starting in late 2022 by Canadian auto supplier Magna International.
- The company went public through a reverse merger with Spartan Energy Acquisition Corp, formed by investment firm Apollo. Fisker was valued at $2.9B in the transaction.
- Automotive designer Henrik Fisker founded Fisker. His previous company, Fisker Automotive, was acquired by Wanxiang Group after a Chapter 11 bankruptcy filing in 2014.
- The company's stock gained 11% in after-hours on Thursday.
- Foxconn plans to supply 10% of the world's EV service or component needs by 2025 to 2027