Bringing together two global leaders in innovation
The electric cars manufacturer Fisker have now joined hands with the world’s biggest electronics manufacturer Foxconn in order to manufacture electric vehicles (EV) as early as the 4th quarter of 2023.
Once the word of the tie-up got out Fisker’s shares jumped almost by 18% in the pre-market and its share prices went as high as 20$ last week. Foxconn is expected to manufacture over 250k vehicles each year and they are expected to be sold in the North American, Europe, Chinese and Indian markets.
“Projected start of production is Q4 2023; this will be the second vehicle introduced by the Fisker brand, following the launch of the Ocean SUV in Q4 2022,” the company press release said.
“We created our company to disrupt every convention in the auto industry,” Fisker Chairman and Chief Executive Officer, Henrik Fisker said in a statement. “The creation of Project PEAR with Foxconn brings together two like-minded and complementary companies, each focused on creating new value in a traditional industry. We will create a vehicle that crosses social borders while offering a combination of advanced technology, desirable design, innovation and value for money, whilst delivering on our commitment to creating the world’s most sustainable vehicles,” Fisker continued.
The chairman of Foxconn Technology Group Young-way Liu said” The Fisker and Foxconn partnership brings together two global leaders in innovation that will join forces to unlock the potential of the electric vehicle industry”.
Lately many of the top-notch electric vehicles’ manufacturers have turned their heads to the Indian market.
It was just a few weeks ago Tesla announced its entry in the Indian markets this year. They set up their office in Bangalore Karnataka and is planning to set up its manufacturing unit here as well. Other top manufactures like TATA group have already started manufacturing their EV models in India and the Tesla group is said to enter the fray by the end of this year. This mass entry of manufacturers to the Indian market is in response to the nations’ need for EV’s to help combat the rise in fuel prices and reduce climate change.
The Modi government is in full support to bring EV manufacturers into the nation and it was only recently they agreed to provide subsidies to Tesla in order to reduce the cost of vehicles and make it lesser than the Chinese market prices.
Article credit: oilprice.com
Image credit: theverge.com
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