Apple supplier Foxconn Technology Group has reached a tentative agreement with electric vehicle startup-turned-SPAC Fisker to develop and eventually manufacture an EV that will be sold in North America, Europe, China and India.
Fisker and Foxconn said Wednesday that a memorandum of understanding agreement has been signed. Discussions between the two companies will continue with the expectation that a formal partnership agreement will be reached during the second quarter of this year.
Under the agreement, Foxconn will begin production in the fourth quarter of 2023 with a projected annual volume of more than 250,000 vehicles. The electric vehicle will carry the Fisker brand.
Foxconn Technology Group Chairman Young-way Liu touted the company’s vertically…