Fisker and Foxconn Team Up to Make 'Personal Electric Vehicle'

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The Jetsons era is definitely coming.

Electric carmaker Fisker  (FSR) - Get Report on Wednesday announced that it is teaming up with Taipei-based Hon Hai Technology, better known as Foxconn, to work on what it calls Project PEAR, a new personal EV that it calls a “breakthrough electric vehicle.” 

“We will create a vehicle that crosses social borders, while offering a combination of advanced technology, desirable design, innovation and value for money, whilst delivering on our commitment to create the world’s most sustainable vehicles,” CEO Henrik Fisker said in a statement.

Henrik Fisker added a bit more mystery to the deal on Twitter, tweeting on his personal account that the vehicle "is so revolutionary that we HAVE to keep is secret until the launch in end of 2023! It might be too futuristic for some! We will see!"

Project PEAR marks Fisker’s second formal foray into the mass-production EV market. The Los Angeles-based company is already ramping up to begin production on its first vehicle, the Ocean electric SUV, in the fourth quarter of 2022.

Investors cheered the news, pushing up Fisker shares more than 23% to $20.04 in premarket trading on Wednesday. Fisker went public in October via a special-purpose-acquisition company that netted it more than $1 billion. The stock has more than doubled since.

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