Apple supplier Foxconn has agreed to assemble cars for California-based electric vehicle startup Fisker, adding to the growing number of agreements it has with companies to work on battery-powered car development and production.

A memorandum of understanding has been signed, in which the Taiwan-based Foxconn will build vehicles under the Fisker brand with a projected annual production capacity of more than 250,000 cars, according to a joint statement issued on Wednesday.

The Fisker and Foxconn vehicle, whose production is expected to start in the fourth quarter of 2023, will be sold in several markets including North America, Europe, China and India. It is Fisker’s second model after the Ocean SUV, which is scheduled to launch in the fourth quarter of next year, the statement said.

The two companies hope to conclude discussions and ink a formal partnership agreement in the second quarter of 2021, the statement added.

The partnership with Fisker is the latest in a series of tie-ups Foxconn has built with automakers. In January, the iPhone assembler announced plans to establish a joint venture with Volvo owner Geely to provide contract manufacturing for global carmakers.

In October last year, Foxconn introduced its first-ever electric vehicle chassis and a software platform aimed at helping automakers bring models to the market faster, according to Bloomberg.

Contact reporter Ding Yi (yiding@caixin.com)

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