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Fisker, Foxconn Sign Framework Agreements for Electric Vehicle Project

05/13/2021 | 04:08pm EDT

By Stephen Nakrosis

Electric-vehicle company Fisker Inc. said Thursday it signed framework agreements with Hon Hai Technology Group, also known as Foxconn, regarding their program to "develop a new breakthrough electric vehicle."

Under project "PEAR," or Personal Electric Automotive Revolution, Fisker and Foxconn plan to jointly develop the new vehicle. The "breakthrough new segment vehicle" will be sold under the Fisker brand in markets including North America, Europe, China, and India, the companies said.

"Project PEAR will enter the market with a starting price of less than $30,000, before incentives," the companies said.

"Following an extensive review of potential U.S. manufacturing sites, the two companies will expedite a manufacturing plan capable of supporting the projected Q4 2023 start of production," the companies said. They added "Fisker intends to start production in Europe on its first vehicle, the Ocean electric SUV, in Q4 2022 and will unveil a production-intent prototype of the vehicle at the Los Angeles Auto Show later this year. Project PEAR will be the company's second production model."

The companies also said other global manufacturing sites are under study for future production, supporting projected annual volumes of more than 250,000 units across multiple sites.

The companies established a co-located program management office between the U.S. and Taiwan to coordinate design, engineering, purchasing, and manufacturing operations.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

05-13-21 1808ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.42% 34935.47 Delayed Quote.14.13%
FISKER INC. -2.36% 16.12 Delayed Quote.12.70%
HON HAI PRECISION INDUSTRY CO., LTD. -0.90% 110 End-of-day quote.19.57%
MSCI TAIWAN (STRD) -0.74% 690.203 Real-time Quote.14.02%
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More news
Financials (USD)
Sales 2021 0,01 M - -
Net income 2021 -319 M - -
Net cash 2021 629 M - -
P/E ratio 2021 -11,8x
Yield 2021 -
Capitalization 4 759 M 4 759 M -
EV / Sales 2021 375 453x
EV / Sales 2022 12,6x
Nbr of Employees 170
Free-Float 53,4%
Duration : Period :
Fisker Inc. Technical Analysis Chart | FSR | US33813J1060 | MarketScreener
Technical analysis trends FISKER INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 16,51 $
Average target price 23,22 $
Spread / Average Target 40,7%
EPS Revisions
Managers and Directors
Henrik Fisker Chairman, President & Chief Executive Officer
Geeta Gupta-Fisker Chief Financial Officer & Director
Martin T. Welch Senior Vice President-Engineering
Burkhard J. Huhnke Chief Technology Officer
Roderick K. Randall Independent Director
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