“In order to deliver on our promise of product breakthroughs from Project PEAR, we needed to rethink every aspect of product development, sourcing, and manufacturing. Our partnership with Foxconn enables us to deliver those industry firsts at a price point that truly opens up electric mobility to the mass market,” chairman and CEO of Fisker, Henrik Fisker, said.

“At under $30,000 with stunning design and innovation, we are rethinking the car, both in terms of proportions, design, interior functionality and connected user experience. Project PEAR comes just a year after we launch the Ocean,” Fisker added. “We see the tipping point for electric vehicles fast approaching, and we are utterly focused on being ready to meet that demand. The Fisker brand will go beyond electrification, by taking the lead in design innovation and sustainability.”

Foxconn chairman Young-way Liu added that his company’s role will largely come in terms of technology sourcing via its advanced supply chain—especially when it comes to securing chips and semiconductors. That’s a bold claim considering the current state of the chip market.

There is currently no firm production plant in mind, but there are several sites under consideration, including Foxconn’s mostly-empty plant site in Wisconsin that had promised an upsurge in American manufacturing. It would make good use of the facilities, since Fisker is hoping to produce 150,000 vehicles at the get-go, Reuters reports.

Other specifics of the deal remain unknown, with the exception that it is said to run for the next seven years.

Updated 3/4/22 with new details.