Foxconn to Build Fisker's PEAR Electric Vehicle at Former Lordstown Motors Plant in Ohio

In a significant move, Fisker Inc. and Foxconn have announced their partnership to build Fisker’s second all-electric model, the PEAR Urban Lifestyle EV, at Foxconn’s newly acquired Lordstown Motors plant in Ohio. The production of the PEAR is slated to begin in 2024, with plans to ramp up to 250,000 units annually.

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Background on the Partnership

The partnership between Fisker Inc. and Foxconn comes after Foxconn purchased the former GM Assembly Plant from Lordstown Motors for $230 million. The deal was completed hours before a Saturday deadline, allowing Lordstown to remain in business and providing it with the necessary funds to build its first model, the all-electric Endurance pickup truck.

Details of the PEAR

The PEAR is an acronym for "Personal Electric Automotive Revolution" and will be Fisker’s second all-electric model. The vehicle is designed to be a revolutionary electric vehicle that doesn’t fit into any existing segment. The exterior design features new lighting technology and a wraparound front windscreen inspired by a glider plane glass canopy, enhancing frontal vision.

Key Features of the PEAR

Range and Performance: The PEAR will have an estimated range of over 300 miles on a single charge.
Design: The vehicle’s exterior design features new lighting technology and a wraparound front windscreen inspired by a glider plane glass canopy, enhancing frontal vision.
Safety Features: The PEAR will come equipped with advanced safety features, including a 360-degree camera system and an advanced driver-assistance system (ADAS).
Interior: The interior of the PEAR will feature premium materials, including vegan leather and sustainable wood trim.

Production Plans

The production of the PEAR is slated to begin in 2024, with plans to ramp up to 250,000 units annually. Fisker Inc. has stated that it will work closely with Foxconn to ensure a smooth and efficient production process.

Fisker’s First Model: The Ocean SUV

Fisker’s first-ever EV, the $37,499 Ocean SUV, is on track to begin production in Europe in November. Henrik Fisker, Chairman and CEO of Fisker Inc., stated that the company is committed to delivering high-quality electric vehicles to customers around the world.

Lordstown Motors Under Investigation

Lordstown Motors is currently under investigation by both the SEC and the U.S. Department of Justice for allegedly misleading investors by inflating its production capacity and falsifying its book of pre-orders. The company went public in October 2020 through a $1.6 billion SPAC merger with DiamondPeak Holdings but has yet to produce a vehicle.

Timeline

2024: Production of the PEAR is slated to begin.
July: Lordstown hopes to build a limited number of pre-production vehicles for testing, certification, validation, and regulatory approvals.
November: Fisker’s first-ever EV, the Ocean SUV, is on track to begin production in Europe.

Conclusion

The partnership between Fisker Inc. and Foxconn marks an exciting development in the electric vehicle industry. The PEAR will be a revolutionary electric vehicle that doesn’t fit into any existing segment, and its production plans are ambitious. As the electric vehicle market continues to grow, it will be interesting to see how Fisker Inc. and Foxconn’s partnership shapes the future of electric vehicles.

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