Fisker To Make EVs In India With Foxconn By 2024
Fisker will be manufacturing cars in India in partnership with Foxconn
Henrik Fisker’s Fisker Automotive will be making electric cars in India in partnership with its manufacturing partner Foxconn. Foxconn which already has a huge presence in India as it is the contract manufacturer for Xiaomi and Apple recently has made a huge foray into the electric vehicle space will be key to Fisker’s plan. Fisker already has a partnership with Foxconn and Magna for the manufacturing of its electric cars in the US and its founder believes it will help his company launch Rs 22 lakh EVs in India before Tesla which will feature unique technologies.
Fisker which is launching its first EV – the Fisker Ocean SUV in the US this year will initially be even coming to India as a fully imported completely built unit. Then in the next two years, it will launch its global model dubbed the Pear which will be manufactured in India with Foxconn’s help. Aside from India, Foxconn will also manufacture the car in the US, Europe, and China.
“Software development is a big strength in India,” chairman and CEO Henrik Fisker told ET. “Why India and China? Because this vehicle will start at under $30,000 (around Rs 22 lakh). So, it will be very affordable compared to what is available now, yet spacious with new types of storage spaces and technology that are not seen in its segment. And we can really only accomplish that if we eventually make a million vehicles a year,” Fisker said.
It should be noted, Henrik Fisker is the former Aston Martin and BMW executive who helped developed iconic vehicles like the DB9 and Z8, both of which have featured in James Bond movies. His wife, Geeta Fisker, who is also part of the company also hails from India which could have played a role in the decision.
“When you look at the Indian population, the Indian market, they’re extremely tech-savvy. I think India at one point, and I think nobody really knows when, but at one point it is going to explode when it comes to the adoption of electrification. Of course, the government has a big role in that. But I do think there’s going to be pressure from the general population at one point in time to go electric. I think we will get to India with the production of the Fisker Pear with Foxconn before Tesla starts production of their vehicles in India,” he added.
This news comes at a time when increasingly Tesla’s entry into the Indian market is looking unlikely. Last month, Tesla’s Elon Musk tweeted that it needed to resolve challenges with the Indian government. Before that, the world’s richest man had been critical of the import tax exerted on EVs.
Tesla wants to launch in India, but it wants tax breaks on its imports. While the government has been open to the idea of tax breaks for imports, it has also wanted a local manufacturing commitment from the EV maker. Tesla has been noncommittal about local manufacturing something which Fisker is now committing to.
Fisker Ocean which will launch later this year will be priced between Rs 27 and 69 lakhs will likely be subject to heavy taxes in India as it will be imported. However, its next car, the Pear will avoid all that thanks to local manufacturing from Foxconn.