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Lordstown to see PEARs blossom in ’24

Factory to begin production of Fisker Inc.’s 2nd electric vehicle

Submitted photo This image shows the Fisker PEAR (Personal Electric Automotive Revolution), production of which is expected to begin in 2024 at Foxconn’s auto assembly plant in Lordstown.

LORDSTOWN — Fisker Inc., the California-based maker of electric vehicles, plans to start production of its second vehicle, the PEAR, in 2024 at what is now Foxconn’s auto assembly plant in Lordstown.

After the initial ramp-up period, it’s expected at least 250,000 PEAR units would be built per year at the facility, a 6.2 million-square-foot factory Foxconn, a Taiwanese electronics and technology company that’s growing into EV production, acquired from Lordstown Motors Corp. in a deal worth $230 million.

Today, Fisker’s Chairman and CEO, Henrik Fisker, is expected to visit the plant with a team of engineers, according to a release from the company Thursday.

“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 said.

Lordstown Motors announced the deal with Foxconn was finalized Wednesday. With it, Foxconn agreed to become the contract manufacturer of Lordstown Motors’ first vehicle, the Endurance pickup truck, and the companies came to terms on a joint-venture agreement to co-develop electric-vehicle programs under Foxconn’s mobility in harmony (MIH) platform.

The joint venture, called MIH EV Design LLC, has a $100 million commitment from Foxconn, including a $45 million loan to Lordstown Motors to support its initial capital commitment.

IMMEDIATE

Foxconn immediately assumed manufacturing operations at the Lordstown plant.

Foxconn already had a contract manufacturing agreement in place with Fisker to the PEAR (Personal Electric Automotive Revolution) and had previously announced the company’s intent to manufacture it in Lordstown.

The company confirmed it Thursday, waiting until the Lordstown Motors / Foxconn transaction was official.

In a call with analysts last week, Fisker said the company received more than 2,500 reservations for the PEAR since opening reservations in February with little promotion of the vehicle.

The vehicle is expected to have a base price below $29,900 before incentives. It has been designed and engineered to reduce parts for a more efficient and simplified manufacturing process, and is built with a new proprietary architecture that will underpin two additional models Fisker plans to introduce.

Last week, Fisker said the three versions of the PEAR would allow them to sell 1 million PEARs sometime in 2027, but not all would be made in Lordstown, which has a production capacity of about 500,000 vehicles per year. The company is contemplating production in China, Europe and India.

“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 PEAR follows Fisker’s first vehicle, the Fisker Ocean, which starts production in November in Austria.

rselak@tribtoday.com

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