Fisker last week unveiled three finalized prototypes of new electric vehicle models it plans to bring to market in addition to the existing Ocean SUV.
The Pear compact hatchback is arguably the most important of the three, as it has the greatest sales potential for the brand. We're talking a sub-$30,000 EV that Fisker expects to put into production in the first half of 2025 at Foxconn's Lordstown assembly plant in Ohio.
However, Fisker founder and CEO Henrik Fisker revealed in an interview with TechCrunch that the deal with Taiwanese iPhone maker Foxconn to build the Pear hasn't been finalized, despite the fact it was announced more than two years ago. "In the Foxconn deal specifically, we don't yet have a final conclusion to this deal," Henrik Fisker said, adding that he is still confident it will come together.
The memorandum of understanding signed by Foxconn and Fisker in February 2021 included a production goal of 250,000 vehicles annually, although details about the vehicle weren't announced at the time.
The deal came together relatively quickly following the announcement of the MoU, and by May 2021, the two parties had a signed agreement. A few months later, Foxconn made a separate deal with Lordstown Motors that included buying its factory in Ohio and helping the EV startup build its Endurance electric pickup truck.
Then in May 2022, Fisker announced it reached an agreement with Foxconn to build the PEAR EV at the Lordstown plant.
Gallery: Fisker Pear Livestream Debut
Fisker maintains that plans to build the Pear at Foxconn's facility in Ohio are still on track and have nothing to do with the fact the Taiwanese company is having legal issues with Lordstown Motors after the EV startup declared bankruptcy in June 2023 and sued Foxconn for "bad faith" and "broken promises."
According to a Fisker spokesperson, the ongoing suit between Foxconn and Lordstown Motors won't prevent Fisker from building the Pear at the Lordstown plant at this point. Still, Henrik Fisker said during the company's Q2 earnings call on August 4 that the Foxconn deal was not yet secured.
"The PEAR will be built here, [in the U.S.], but we are still in final talks with Foxconn. When you deal with contract manufacturing, it's a little different because you have to go through all the details of each vehicle to understand the exact cost of assembly," the executive said. Later in the call, he noted that he expected the deal to be finalized in the next three months.
In addition, Fisker told TechCrunch that the Pear assembly line needs to be adapted to the compact EV’s construction that requires 35 percent fewer parts than today's typical EV.
Fisker executives said the company wants to eventually build up to 1 million Pear EVs per year, at plants around the world, including in the US, Europe, China, and India. The company is already taking pre-orders for the Pear, which is priced at $29,900 before incentives and tax rebates. After incentives, the price drops to $22,400, according to Fisker.