IPhone builder Foxconn is working on an electric car with Fisker
Foxconn, the Taiwan-based electronics manufacturing company best known for
assembling the Apple iPhone, is working on an agreement with the California electric car company Fisker to develop an electric vehicle, the companies announced Wednesday.
Fisker Inc. went public last year through a SPAC merger with Spartan Energy Acquisition.
Founded by car designer Henrik Fisker, the company already has an agreement with Magna, an automotive contract manufacturing company. Magna is expected to start building the Fisker Ocean electric SUV by the end of 2022. The Ocean is based on engineering developed by Magna but modified by Fisker.
In October, Foxconn introduced its first-ever EV chassis and software platform, and has two light vehicles and a bus planned for around the fourth quarter.
The manufacturers will preserve their separate corporate structures while cooperating more closely on electrification, software and autonomous-driving technology, according to a joint statement. While they’ll no longer pursue a combination as announced a year ago, new listings could be on the table.
“This is about maintaining top-line momentum,” Volvo Cars Chief Executive Officer Hakan Samuelsson said in an interview. “A merger isn’t always positive. You risk losing momentum because there’s too much internal focus.”
Hakan Samuelsson
Geely and Volvo also will move their powertrain activities into a separate company, which will enhance focus on development of electric vehicles, Samuelsson said. Daimler AG joining the business would be positive, he said. The German carmaker counts Geely owner Li Shufu as its biggest shareholder and in November announced plans to jointly develop a gasoline engine that could be electrified later.
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