Fisker (FSR) Manufacturer Foxconn all set to enter the EV Market

Taiwanese electronics manufacturing giant Foxconn has showcased its growing interest in the Electronic Vehicle (EV) sector lately. In a recent event, the company once again reportedly seems to be feeling elated to achieve its ambitions and goals within the EV space. The company has global recognition for its electronic chips and electrical components manufacturing and it is hopeful of making similar achievements in the emerging space too.

According to Reuters, on Tuesday, October 18th, Foxconn Chairman Liu Young-way said that they are hopeful of their ability to attain the same level of success which they have achieved in the Information and Communications Technology (ICT) sector. He said the start to be of less/small significance and about their aim/goal/ambition to achieve 5% of the overall EV market by the year 2025.

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The company is already in partnership with Taiwan based Yulon Motor and American EV startup Fisker Inc. In addition, Foxconn chairman also anticipated that the company would make Tesla cars for electronic vehicle giant Tesla.

In May 2022, Foxconn partnered with Fisker (FSR) for the production of Fisker PEAR in the Ohio based manufacturing unit. Foxconn went to acquire a 6.2 million square foot of land for setting up a vehicle manufacturing unit. The partnership did well for FSR stock price which witnessed a slight jump.

Chairman and CEO at Fisker, Henrik Fisker said the production of Fisker PEAR to start by 2024. He added both Foxconn and Fisker teams would be working to produce about 250,000 units of the car every year after the plant gets fully operational.

Fisker CEO added PEAR would be a “revolutionary electric vehicle”, the one with unmatched specifications and different from any other car in the existing segment.

Fisker Inc. (FSR) is a California-based automotive company and its the second venture of founder Henrik Fisker after his prior company went bankrupt. Meanwhile, Fisker PEAR will not be the first production of the company.

In June 2021, Fisker (FSR) partnered with Canadian auto parts maker Magna International Inc. The long-term partnership between both the companies came in the wake of producing Fisker Ocean—company’s first electric SUV—by November 2022. The production capacity at the Magna’s facility in Austria would be 50,000 units per year.

Given the hype all around the emerging electric vehicle segment in the automotive industry, the companies are looking towards growth in the long term. The most significant name in EV manufacturer space is Elon Musk’s Tesla, TSLA stock has witnessed an overall growth in the long term while currently trading at 224.64 USD.

Meanwhile FSR stock price is trading at 7.71 USD with a slight drop of 1.78% from yesterday. This could witness a positive impact given the starting of production of its cars.