(Yicai Global) Feb. 25 -- Taiwan’s Hon Hai Technology Group, better known as Foxconn, will make cars for US new energy vehicle manufacturer Fisker as the Apple contractor diversifies beyond smartphones.

The project, codenamed PEAR for Personal Electric Automotive Revolution, will start production at the end of 2023, the two parties said today. Taipei-based Foxconn will produce over 250,000 vehicles a year and they will be sold across the world including North America, Europe, China and India.

“The Fisker and Foxconn partnership brings together two global leaders in innovation that will join forces to unlock the potential of the electric vehicle industry,” said Foxconn Chairman Liu Young-way. “The collaboration between our firms means that it will only take 24 months to produce the next Fisker vehicle – from research and development to production, reducing by half the traditional time required to bring a new vehicle to market.”

It will be California-based Fisker’s second model after the Ocean sports utility vehicle which should start deliveries at the end of next year. Produced by Canadian tech firm Magna International, it is touted as the “world’s greenest car” and already has over 12,000 paid pre-bookings from around the world.

Foxconn has made serious inroads into the auto industry in the last six months. Earlier this year it set up an auto arm with Chinese carmaker Geely Holding Group that will provide original equipment manufacturing and customized consulting services for global carmakers and transportation companies. And last October it started an open software and hardware platform for developing EVs called MIH, headed by electric car startup Nio’s co-founder Jack Cheng.

Editor: Kim Taylor