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| Foxconn builds a new electric car for Fisker |
IPhone maker Foxconn has agreed to build electric cars for Fisker, an electric car startup named Henrik Fisker.
Foxconn to build a second Fisker, the companies said, has yet to be announced and is set to hit the market in the second half of 2023.
The two companies plan to manufacture cars in the United States, Fisker told the Wall Street Journal, which will likely be done through Foxconn's facility in Wisconsin.
The two companies say they can produce 250,000 or more cars annually and are expected to form a formal partnership later this year.
Fisker plans to start production of its first Ocean SUV by the end of 2022 and has 12,000 reservations for Ocean SUVs.
This vehicle is made by automaker Magna, who has its own design for an electric car and has assembled an electric I-Pace SUV for the Jaguar Land Rover.
Fisker had originally intended to work with Volkswagen to make the Ocean SUV and later vehicles.
The prototype Ocean SUV was built by the German car designer on the Volkswagen platform for electric vehicles, but negotiations ended in deadlock.
After the Taiwanese conglomerate announced its entry into the industry last year, Fisker joined a growing number of companies Foxconn has been working with in the electric vehicle business.
Foxconn announced earlier this year that it would build cars with Geely Automobile, the largest private auto company in China, and the troubled Chinese startup Payton.
Geely said he could use his partnership with Foxconn to make cars for Faraday Future.
Foxconn announced its intention to manufacture electric cars with Fiat Chrysler in January 2020. Fiat Chrysler will then merge with French group PSA to become a new car maker called the Stellattis.
After Tesla's value rose, interest in electric cars has surged in the past year, and several startups (including Fisker) have launched to the public, raising billions of dollars together.
The boom phase has also attracted large companies from other industries such as Foxconn. Chinese research giant Baidu announced a partnership with Geely to manufacture electric cars.
Alibaba has established a joint venture with China's largest automaker SAIC to develop electric cars.
Transportation service provider Didi Chuxing works with China's leading automaker BYD to manufacture electric vehicles.