Fisker and Foxconn Confirm Fisker PEAR Production in Ohio

Rhea-AI Summary

Fisker Inc. (NYSE: FSR) has confirmed the production of its second vehicle, the Fisker PEAR, at a newly acquired 6.2 million-square-foot facility in Ohio by partner Foxconn. Production is set to commence in 2024, with an expected base price under $29,900. The companies aim to manufacture a minimum of 250,000 PEAR vehicles annually after ramp-up. The PEAR will feature innovative design elements and a proprietary architecture, which will also support two additional models in the future.

Positive

• Acquisition of a 6.2 million-square-foot manufacturing facility boosts production capabilities.
• Fisker PEAR expected to have a competitive base price of under $29,900, appealing to a wider market.
• Anticipated production volume of 250,000 units annually underscores strong growth potential.
• Innovative design and proprietary architecture suggest future product development.

Negative

• None.

• Fisker partner Foxconn has completed its acquisition of an operational 6.2 million-square-foot vehicle manufacturing facility in Ohio.
• Fisker and Foxconn will build Fisker’s second vehicle, the Fisker PEAR, at the factory.
• The Fisker PEAR will start production in 2024 and have an expected base price below $29,900.
• Fisker and Foxconn intend to build a minimum of 250,000 PEAR vehicles a year once the plant ramps up production.

LOS ANGELES--(BUSINESS WIRE)-- Fisker Inc. (NYSE: FSR) ("Fisker") — passionate creator of the world's most sustainable electric vehicles and advanced mobility solutions — confirms that it will produce its second vehicle, the Fisker PEAR, at a factory Foxconn (Hon Hai Precision Industry Co. Ltd.) acquired in Ohio.

Fisker Inc. confirms that it will produce its second vehicle, the Fisker PEAR, at a factory Foxconn (Hon Hai Precision Industry Co. Ltd.) acquired in Ohio. The Fisker PEAR will start production in 2024 and will have an expected base price below $29,900. Fisker and Foxconn intend to build a minimum of 250,000 PEAR vehicles a year once the plant ramps up production. (Photo: Business Wire)

The Fisker PEAR will enter production in 2024. Both the Fisker and Foxconn teams are fully engaged and expect to build a minimum of 250,000 Fisker PEAR units a year at the plant after a ramp up period.

“The PEAR will be a revolutionary electric vehicle that won’t fit into any existing segment. The exterior design will feature new lighting technology and a wraparound front windscreen inspired by a glider plane glass canopy, enhancing frontal vision,” Fisker Chairman and CEO Henrik Fisker said, adding that he plans to visit the factory with a team of engineers on Friday, May 13, 2022.

“Our engineering group is working on new features and high-tech solutions for the PEAR that will change how we use and enjoy a vehicle in the city,” Fisker said.

The Fisker PEAR follows the company’s first vehicle, the Fisker Ocean, which starts production in Austria on Nov. 17, 2022. The Fisker PEAR will have an expected base price below $29,900 before incentives. Fisker has designed and engineered the vehicle to reduce parts for rapid, simplified manufacturing. The Fisker PEAR will be built on a new proprietary architecture. This new platform will underpin two additional models that Fisker will introduce at a later date.

About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world's most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker's social media channels: Facebook, Instagram, Twitter, YouTube, and LinkedIn.

Download the revolutionary new Fisker mobile app from the App Store or Google Play store.

Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel," "believes," expects," "estimates," "projects," "intends," "should," "is to be," or the negative of such terms, or other comparable terminology and include, among other things, the quotation of our CEO, the statements regarding the planned reveal, base price, start of production and production volume of the Fisker PEAR, the Company's future performance and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker's limited operating history; Fisker's ability to enter into additional manufacturing and other contracts with Magna or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker's ability to execute its business model, including market acceptance of its planned products and services; Fisker's inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker's inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker's Annual Report on Form 10-K, under the heading "Risk Factors," filed with the Securities and Exchange Commission (the "SEC"), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220512005442/en/

US Media:

Fisker@GODRIVEN360.com

European Media:

Press.europe@fiskerinc.com



Fisker Inc. Communications:

Matthew DeBord

Sr. Director, Communications Strategy & Storytelling

mdebord@fiskerinc.com

Rebecca Lindland

Director, Communications

rlindland@fiskerinc.com

Investor Relations:

Frank Boroch, VP of Investor Relations

fboroch@fiskerinc.com

Source: Fisker Inc.

FAQ

When will Fisker start producing the PEAR vehicle?

Fisker plans to start production of the PEAR in 2024.

What is the expected price of the Fisker PEAR?

The Fisker PEAR is expected to have a base price below $29,900.

How many Fisker PEAR vehicles does the company plan to produce annually?

Fisker and Foxconn intend to produce a minimum of 250,000 PEAR vehicles per year.

Where will Fisker manufacture the PEAR vehicle?

Fisker will manufacture the PEAR at a facility in Ohio acquired by Foxconn.

What is the significance of the Fisker PEAR's design?

The PEAR will feature new lighting technology and a unique exterior design aimed at enhancing visibility.