RTTNews | May 14, 2021 04:33AM EDT

04:32 Friday, May 14, 2021 (RTTNews.com) - Electric car startup Fisker has signed framework agreements with Foxconn to jointly develop and manufacture new electric vehicles.

Production on the vehicles, which will be sold under the Fisker brand name in North America, Europe, China and India, will begin in the U.S. by the end of 2023.

The companies did not disclose other details, including the name of the vehicle and the location of future manufacturing plants. As of now, Fisker describes it as a "breakthrough new segment vehicle."

Fisker is calling the joint program project as "Personal Electric Automotive Revolution" or PEAR.

The company aims to produce 250,000 vehicle annually across multiple sites. The new vehicle will be priced at less than $30,000, before incentives.

The two companies have established a co-located program management office between the U.S. and Taiwan to coordinate design, engineering, purchasing, and manufacturing operations, Fisker said in a statement.

Following a review of potential U.S. manufacturing sites, the two companies will expedite a manufacturing plan capable of supporting the projected fourth-quarter of 2023 start of production.

Fisker plans to start production in Europe on its first vehicle, the Ocean electric SUV, in the fourth-quarter of 2022 and will unveil a production-intent prototype of the vehicle at the Los Angeles Auto Show later this year.

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