Electric car maker Fisker has said it will work with Apple supplier Foxconn to produce more than 250.000 vehicles a year.

Fisker, maker of electric cars, told the market that it will produce more than 250.000 vehicles a year and that it will work with Apple supplier Foxconn. According to the company, the deal, code-named “Project PEAR” (Personal Electric Automotive Revolution), will start in late 2023 and will increase its shares by 18%. The company targets global markets including North America, Europe, China and India.

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In 2020 Apple's flagship iPhone maker Foxconn increased its interest in electric vehicles (EVs), announcing deals with Chinese electric car maker Byton and automakers Zhejiang Geely Holding Group and Stellantis NV's Fiat Chrysler unit.

According to President Liu Young-way, Foxconn aims to provide components or services for 10% of the world's EVs by 2025 to 2027.

Taiwan-based Foxconn poses a major threat to established automakers as tech companies like Apple and other nontraditional companies can use contract assemblers as a shortcut to competing in the vehicle market.

Fisker Chief Executive Henrik Fisker expects the deal to close in the second quarter and last for about seven years. The terms of the agreement were not disclosed. Fisker has not yet been defined where the vehicle will be built by Foxconn

Fisker said the new vehicle would be "futuristic" and "something completely different" as well as "affordable". It will launch in the fourth quarter of 2023 and is one of four vehicles Fisker previously said it would launch in 2025, he said.

Tesla leads the EV market, which has been growing a lot. Luxury electric car maker Lucid Motors recently announced its plans to go public by merging with a blank check company.

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