Fisker to collaborate with Foxconn on EV project

Electric-car maker Fisker Inc said on Wednesday it will collaborate with Foxconn on an electric vehicle project and forecast that production would start in the fourth quarter of 2023.

Fisker's shares were up nearly 18% in trading before the bell. As part of the deal, codenamed "Project PEAR" (Personal Electric Automotive Revolution), Foxconn will manufacture the vehicles at projected annual volumes of more than 250,000, according to a statement.

Fisker is expected to start production of its first vehicle, the Ocean electric SUV, in the fourth quarter next year.