Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Trending in China: Venerated Literary Translator Xu Yuanchong Dies at Age 100
Apple Touch-Screen Supplier Biel Crystal Plans Second Bite at Hong Kong Listing
Stop Annoying China With Spam Texts, E-Commerce Giants Told
Baidu Partners With Automaker BAIC on New Apollo Robotaxi
Trending in China: Wanda Tycoon’s Son Accused of Harassing a Woman for Four Years
Used Gadget Specialist Aihuishou Aims for $261 Million IPO
Retail Giant Suning’s Founder Has Shares Frozen Amid Cash Crunch
ByteDance Seeks to Monetize Its Recommendation Tech With Launch of Volcano Engine
Alibaba Developing Self-Driving Trucks With Logistics Arm Cainiao
Chinese LGBTQ Dating App Owner BlueCity Derives 80% of First-Quarter Revenue From Livestreaming
Huawei Opens Cybersecurity Center in South China to Share Best Practices
Hanson Robotics Launches Social Robot Prototype for Health Care
Geek+ Wins Contract from Hong Kong's Circle K to Deploy Depot Robots
Two Tesla Models Among China's Three Best-Selling Electric Cars in May
Xiaomi, Meituan Co-Lead New Funding Round for Lidar Developer Hesai
Dating Apps Operator Momo Reports Revenue and Profit Down as Paying Users Shrink
CATL and BYD in Talks with Apple for EV Battery Supply
Trending in China: Beijinger’s Tirade Against ‘Stinky’ Migrant Sparks Condemnation
Delivery Platform Dada Losses Swell Despite Healthy Revenue Growth
Xiaomi, Vivo and Oppo Sold One-Third of the World’s Smartphones in First Quarter
Foxconn Drives Deeper Into Car Manufacturing With Fisker Deal

Ding Yi / May 14, 2021 06:01 PM / Business & Tech

Foxconn, the world’s largest contract manufacturer of electronic devices, and California-based electric vehicle startup Fisker have clinched a framework agreement to jointly invest in a program to build an electric car that will be priced below $30,000.

The joint program, codenamed Project PEAR which stands for Personal Electric Automotive Revolution, aims for the car’s production to commence first in the U.S. by the fourth quarter of 2023, with several manufacturing sites around the world being under discussion, the two companies said in a statement released on Thursday.

The two partners did not disclose any specifications of the vehicle developed under Project PEAR, which will be Fisker’s second model after the Ocean SUV. Fisker said that it plans to start production of the Ocean in the fourth quarter of next year.

“We have world-class supply chains in place to support Project PEAR — in particular, securing the reliable delivery of chipsets and semiconductors,” said Foxconn Chairman Young Liu. He added that Foxconn will be able to connect Project PEAR with global suppliers through its MIH Alliance, a software and hardware open platform for electric vehicles.

The agreement marks the formalization of a memorandum of understanding the two companies signed in February, which would see Foxconn build electric vehicles under the Fisker brand with a projected annual production capacity of more than 250,000 units.

The tie-up with Fisker comes four months after Foxconn, which is famous for assembling iPhones, unveiled plans to establish a joint venture with Volvo owner Geely to provide contract manufacturing for global carmakers.

Contact reporter Ding Yi (

Related: Foxconn to Set Up Chipmaking Joint Venture with Yageo


Share this article
Open WeChat and scan the QR code