Electric vehicle manufacturer Fisker will join forces with Apple’s main iPhonemanufacturer Foxconn to produce more than 250,000 electric vehicles a year, starting in 2023.
The deal has been codenamed “Project PEAR,” short for Personal Electric Automotive Revolution, and will target markets in North America, Europe, China, and India.
As a response to the news, Fisker’s shares jumped 23.4% to $20.10 in premarket trading, according to Reuters.
As of yet, Foxconn hasn’t been explicitly named in any rumors related to “Apple Car.” Past reports have suggested that Apple may be interested in tapping traditional auto industry contract manufacturers.
Reports have suggested that Apple is developing an “Apple Car,” and is currently in search of an ideal production partner. The company had entered talkswith South Korea-based Hyundai and affiliate Kia on the project, but was later confirmed to have withdrawn from negotiations.