Foxxcon will make EVs in India 🔥

What’s poppin — Foxxcon, who runs an extensive electronics manufacturing empire worldwide (including manufacturing iPhones for Apple), just signed a contract with EV-company Fisker to make their cars here in India.

Foxxcon had barely months ago announced its plans of venturing into the EV production — joining a host of electronics manufacturers making the transition. Fisker meanwhile, is a newly founded EV company that went public in 2020 via a SPAC merger on the NYSE — and is yet to scale its operation.

Anyway, the duo will make Fisker’s low-priced EV model called Pear set to launch in 2024-25. The vehicle will cost about $30K (or 20 lakhs INR) — and will be available domestically as well as for for export. Fisker is already setting up a tech-center in HYD, hiring 300+ engineers to kick off software R&D.

Worth calling out — Fisker is founded by ex-BMW luxury car designer and billionaire Henrik Fisker. Henrik’s wife, Geeta Fisker, has Indian roots.