Hon Hai Precision Industry Co., which trades as Foxconn Technology Group, has said it will develop an electric vehicle with Fisker Inc., as part of the manufacturer’s efforts to boost its automotive capabilities.
The move comes at a time when technology companies including the Taiwanese firm's main customer, Apple Inc., are looking to expand into vehicles.
The car will be built by Foxconn, targeted at multiple markets including North America, Europe, China and India, and sold under the Fisker brand, according to a joint statement from the companies Wednesday. Production is set to start in the fourth quarter of 2023.