Fisker Takes Reservations for PEAR to Be Produced in Lordstown

LOS ANGELES – Fisker Inc. announced late Tuesday that it’s taking reservations for its all-electric Fisker PEAR that will be produced in partnership with Foxconn at the assembly plant Foxconn purchased from Lordstown Motors.

Deliveries will begin in 2024 with a minimum initial production of 250,000 units per year. The EV will have a starting price of $29,900 before taxes and incentives – an industry first, the company said. Consumers can reserve the EV for $250 for the first reservation and $100 for the second reservation.

The company did not specify when it will begin production, nor did it state potential employment numbers.

The Fisker PEAR – which stands for Personal Electric Automotive Revolution, will be the company’s second product. Fisker’s first vehicle, the all-electric Fisker Ocean SUV, will start production in November, the company said.

The EV “blends sustainability, technology, and design into a digitally connected, compact, five-passenger urban EV. It features intuitive controls, sporty driving, clever storage,” according to the announcement.

“Our customer wants to take a step into the future with us,” CEO Henrik Fisker said. “We are opening up reservations for PEAR following continued demand. PEAR will feature the very latest technology in a beautifully designed, affordable urban mobility device.”

In November, Lordstown EV Corp. and Foxconn EV Technology Inc. announced they had signed an asset purchase agreement that calls for Foxconn to acquire Lordstown Motors’ plant, land and other assets for $230 million. In October, Foxconn made an equity investment in Lordstown Motors of $50 million at approximately $6.90 per share.

An open-end mortgage instrument filed Nov. 25 in Trumbull County shows that Foxconn has extended up to $500 million in credit to Lordstown Motors in return for the LMC putting its plant and land up as collateral.

Image: Fisker Inc. rendering.

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