Join hands with Foxconn to build a new electric car, Fisk cars have soared by more than 20% in a day.

Fisk Automobile (Fisker), a new US car maker, announced on Wednesday that it had signed a memorandum with manufacturing giant Foxconn to jointly develop an electric car aimed at starting production in the fourth quarter of 2023. At the same time, the two companies also named the project PEAR (personal Electric vehicle Revolution).

Affected by the news, Fisk rose 25.72% as of press time, and electric car startups listed in reverse last year had a market capitalization of $5.6 billion.

According to the disclosure, the two companies will jointly develop an electric car to open up "new market areas". Foxconn will be responsible for the production of vehicles, with a planned annual production capacity of no less than 250000 vehicles, and will expand into North America, Europe, China and India in the future. According to the memorandum, the staff of both sides will set up workflows for design, technology, engineering and production processes, which are expected to be completed and signed in the second quarter of this year.

It is reported that this will also be Fisk's second electric car. Last December, Fisk signed a contract manufacturing agreement with Magna, the auto parts giant, to start production of the first electric car, the Ocean, in the fourth quarter of 2022. Fisk revealed that there are already 12000 paying subscribers, and the company plans to unveil a prototype aimed at mass production later this year.

Liu Yangwei, chairman of Foxconn, said in a statement that the partnership between Foxconn and Fisk will revolutionize the business model of the automotive industry by introducing ICT capabilities. The two companies have worked together to reduce the cycle time for the production of the next Fisk electric car from research and development to production to 24 months, a process that traditionally takes twice as long.