Foxconn agreed to a partnership with electric vehicle startup Fisker that will see it produce 250,000 vehicles annually. Starting in Q4 2023, Foxconn will manufacture Fisker's second model, a higher-volume EV. The car will be "built on vehicle underpinnings developed by Foxconn" and sold in key markets such as North America, China, India, and Europe.
- The move comes as Fisker narrows its focus on designing a vehicle and outsourcing its production to a third party such as Foxconn, which is the world's largest electronics contract manufacturer.
- Fisker's first model, the Ocean, was outsourced to auto supplier Magna International. It will launch next year.
- Last October, Fisker went public via a SPAC, and its shares surged by 23.4% during pre-marketing trading upon the announcement.
- Foxconn Chairman Liu Young revealed the company would help launch an EV later this year.
- Last fall, Foxconn set a target of supplying "components or services to 10% of the world’s EVs by 2025-2027."
- In October, Foxconn revealed its EV chassis and a software platform to help automakers bring their vehicles to the market quicker.
- Foxconn entered a joint venture last month with Chinese automaker Geely to offer consulting services on EV technologies.