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EV Startup Fisker Opens Up Reservations for its 'Revolutionary' New Vehicle Being Built by Foxconn

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【Summary】California-based EV startup Fisker Inc tapped Foxconn to build its second EV that's under development in a secretive project code named PEAR, which is short for “Personal Electric Vehicle Revolution”. Now Fisker announced it has opened reservations for the new EV, which will debut in 2024.

Eric Walz    Feb 15, 2022 8:30 AM PT
EV Startup Fisker Opens Up Reservations for its 'Revolutionary' New Vehicle Being Built by Foxconn

Taiwanese Electronics assembler Foxconn is best known for assembling millions of products for computer giant Apple Inc, including the popular iPhone. But soon Foxconn will begin building electric vehicles for other companies. 

One of those companies is California-based EV startup Fisker Inc, which tapped Foxconn to build its second EV that's currently under development in a secretive project that's code named PEAR ("Personal Electric Vehicle Revolution"). Now Fisker just announced it has opened reservations for the new EV, which will be an SUV, crossover type vehicle.

Interested customers can reserve a PEAR EV for just $250 for the first reservation and $100 for the second reservation. Deliveries will begin in 2024, according to Fisker.

Although Fisker is taking reservations for a vehicle that the public has not even seen, the company says the PEAR EV will be an innovative vehicle. 

The fully-electric Fisker PEAR will blend sustainability, technology, and design into what Fisker describes is a "a digitally connected, compact, five-passenger urban EV". It will feature intuitive controls, sporty driving, clever storage, and a focus on industry firsts, According to Fisker. 

The affordable EV will start at $29,900 before taxes and incentives in the U.S. 

The PEAR vehicle is set to start production in 2024 in the United States at Foxconn's newly acquired factory in Ohio, with minimum production of more than 250,000 units per year, according to Fisker.  

"Our customer wants to take a step into the future with us," said Fisker CEO and founder Henrik Fisker. "We are opening up reservations for PEAR following continued demand." 

"PEAR will feature the very latest technology in a beautifully designed, affordable urban mobility device," he added. "It's an exciting vehicle and an exciting time for the company as we expand our lineup."

The Fisker PEAR will be produced at Foxconn's newly acquired factory in Lordstown, Ohio, with a minimum initial production of 250,000 units per year. In Nov 2021, Foxconn announced its entered into an MOU to purchase the former GM facility from EV startup Lordstown Motors. The deal is expected to close on April 30.

Fisker says that its collaboration with Foxconn in Ohio is poised to "revolutionize the traditional automotive business model" by introducing Foxconn's efficient manufacturing capabilities to electric vehicle production at scale. The efficient manufacturing can help EV startups like Fisker design and produce a new electric vehicle in as little as two years.

Foxconn announced in Oct 2020 that it aims to provide components or services to around 10% of the world's electric vehicles between 2025 and 2027. Foxconn Chairman Liu Young-way also said that the company is in talks with multiple automakers for future cooperation to reach that goal.

Fisker's first model, the all-electric Fisker Ocean SUV, will start production in November 2022.  

Mr. Fisker unveiled the production version of the Ocean at a press event at the LA Auto Show in Nov 2021. At the time, he said that the company had around 19,000 reservations for the Ocean, but the company said reservations continue to climb.

As an EV startup, Fisker does not have an auto factory like its rivals Tesla, Rivian and Lucid, so the Ocean is being built by Graz, Austria-based contract manufacturer Magna Steyr, which has built vehicles for automakers BMW, Jaguar and Mercedes-Benz. It will be Magna's first contract manufacturing deal with an EV startup.

The Ocean is designed to be a sustainable vehicle. Mr Fisker said it was designed to help the planet. The Ocean's wheels are made from a mix of aluminum and recycled carbon fiber.

The interior also has materials and carpeting made from recycled plastic bottles and fishing nets from the Ocean, which is where the SUV gets its name. Other interior materials are made from recycled t-shirts, Mr Fisker said.

Despite the use of unconventional recycled materials, Mr Fisker says the interior of the Ocean is quite luxurious. The EV has a low roofline and a wide stance that Mr Fisker says was intended to improve handling. It will be available with optional 22-inch wheels to further improve traction and handling.

The Ocean will be available in three trim levels, Sport, Ultra and Extreme. The entry level sport will have an estimated range of 250 miles with a single electric motor powering the front wheels. Power output is 275 HP with a 0 to 60mph acceleration time of 6.9 seconds. 

The Sport will start at $37,499 and will be eligible for the full $7,500 federal EV tax credit, which brings the price down to just $29,999.

All versions of the Fisker Ocean will use silicon carbide inverters to control the current flow, which increases power to the wheels. This gives Fisker the option of using smaller electric motors without sacrificing power output. Smaller motors are lighter and can operate more efficiently, which can increase range. 

The Ultra will come with dual motor all-wheel-drive configuration with a targeted range of 340 miles. Maximum power will be 540 HP with a 0 to 60 mph acceleration time of 3.9 seconds. Mr Fisker said the Ultra offers the highest range of any EV on the market under $50,000. 

"Nothing even comes close to that," said Mr Fisker during the Ocean's unveiling in Los Angeles.

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The Fisker Ocean SUV on display at the LA Auto Show on Wed Nov. 17, 2021.

Also in November, Fisker announced a long-term agreement with Chinese battery maker Contemporary Amperex Technology Co Ltd ("CATL") to supply batteries for the Ocean.

Under the terms of the agreement, CATL, which is also Tesla's battery supplier in China, will supply two different battery types. The primary high-capacity pack will use a lithium nickel manganese cobalt (NMC) cell chemistry, while the second will be built using CATL's latest cells based on lithium-ion phosphate (LFP) chemistry. 

Fisker is among a new crop of electric vehicle startups that are aiming to capture some of the success of Tesla, which over the last decade has grown to become the world's most valuable automaker. Fisker is billing itself as "the world's first digital car company." The company was founded in 2016.

Founder Henrik Fisker is an automotive industry veteran and is best known for designing iconic luxury cars, including the BMW Z8 and Aston Martin DB9.

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