Fisker has joined forces with Taiwanese company Foxconn Technology Group to produce a new electric vehicle in the Project PEAR (Personal Electric Automotive Revolution) whose production would begin in late 2023.

“Foxconn being the world’s largest manufacturer, if there’s anyone who truly can go in and take a look and be innovative (in auto manufacturing) it’s probably them,” said Fisker Chairman and CEO Henrik Fisker.

Unlike other companies, such as Tesla TSLA, which spend billions of dollars on their own manufacturing plants, Fisker relies on contract manufacturing of its vehicles.

After Foxconn developed a platform for future electric vehicles, Foxconn Technology Group Chairman Young-way Liu said “The key success elements of electric vehicle development include the electric motor, electric control module and battery. We have two major advantages in this regard, with an exceptional vertically integrated global supply chain and the best supply chain management team in our industry. ” He also noted “The collaboration between our firms means that it will only take 24 months to produce the next Fisker vehicle – from research and development to production, reducing half of the traditional time required to bring a new vehicle to market.”

So far, it is known that the vehicle will be smaller and cheaper than the Ocean model. The vehicle will be sold in North America, Europe and China, and up to 250,000 units will be produced.