Fisker Inc FSR Chairman and CEO Henrik Fisker tweeted on Wednesday additional details about the "breakthrough" Project PEAR in the works with Hon Hai Precision Industry Co., Ltd. - ADR HNHPF.
What Happened: In a series of posts on Twitter, Fisker (@HenrikFisker) set out to excite investors and customers with additional details regarding the new electric vehicles the company plans to design as part of its Project PEAR (personal electric automotive revolution).
In collaboration with Hon Hai Precision Industry, popularly known as Foxconn, Fisker will “develop a breakthrough new segment vehicle,” according to a Feb. 24 press release. Foxconn is also a supplier to Apple Inc AAPL.
On Twitter, Fisker indicated the company is looking to expand the project more quickly than previously released and hinted it planned to bring more partnerships to the project.
“I just informed my executive team to accelerate the expansion of the project PEAR team! This is a revolution! It’s going to shock the automotive market!!! I’m especially excited about the concept model I’m working on right now! #Fisker #Love #EVs #PEAR #ClimateAction #ESG,” Fisker wrote.
Fisker also tweeted out the price of the vehicle, which comes in at a major discount to the Model 3 made by competitor Tesla Inc TSLA.
“Below $30,000 for a premium EV with features NEVER seen before! Working with #Foxconn, I’m super excited! Include the US federal tax incentive, below $22,500! Ok, we need to keep this under wraps until 2023! Too cool! #Fisker #Love #EVs #ESG #innovation #crazy #New #ev #cool.”
Why It Matters: A California-based company, Fisker has set out to be a disrupter in the EV space and Project PEAR has garnered a lot of interest, as few details have yet to be released. The company is also releasing a crossover SUV, Ocean, expected to be available in the fourth-quarter 2022.
The company said it planned to manufacture its Project PEAR vehicle at annual volumes of 250,000 and would release it in the U.S., Canada, Europe, China and India. The vehicle is slated to begin production in the fourth-quarter 2023.
“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,” Fisker said in the original press release.
FSR Price Action: Shares are up 6.27% to $23.56 as of Wednesday morning.
Related Link: Find out more with Benzinga's EV coverage.
(Photo: Image of Fisker EV car, Fisker Inc)
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