Foxconn and Fisker signed an agreement to build cars in the US in 2023

American electric vehicle manufacturers Fisker and Foxconn signed a framework agreement with the goal of starting manufacturing cars in the United States in the fourth quarter of 2023.

By 2023, the US factory will be opened, and it is not yet certain where the factory will be built, but Fisker claims that there are 4 states included in the consideration, including Wisconsin, where Foxconn has a factory in Wisconsin.

According to Fisker, the annual production capacity of the US factory will reach at least 150,000 vehicles at the beginning. Since Fisker and Foxconn are partners, Fisker can make good use of the Foxconn supply chain, including the semiconductor chip supply chain.

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According to the agreement, Fisker and Foxconn will jointly invest in the “Project PEAR” project and share profits. Fisker promised Foxconn that the final annual production of cars will exceed 250,000.

What car to produce has not yet been determined. It is only known that the car is developed based on the new lightweight platform FP28, which is jointly built by two major companies. The car produced can seat 5 people, which is equivalent to a crossover. It will be sold globally with a starting price of less than US$30,000 (without considering subsidies).

Canadian auto supplier Magna International will produce Fisker Ocean SUV in Europe, and it will start production in the fourth quarter of next year.

Foxconn is becoming more and more interested in electric vehicles, and it has already cooperated with Geely. Before 2025-2027, Foxconn’s goal is to provide components or services to 10% of the world’s electric vehicles.

According to the agreement, the cars produced by the two companies will be sold under the Fisker brand, and the target markets include North America, Europe, China, and India.