Taiwan’s Hon Hai Precision Industry Company, known also as Foxconn, said it had signed a preliminary agreement to co-develop and build an electric vehicle (EV) for US startup Fisker, according to reports in Asia.

Hon Hai, a major electronics company and contract maker of Apple iPhones, has quickly become the go-to for the world’s developing EV industry since it announced last year it was establishing a contract EV manufacturing business.

Last October the company unveiled its first EV platform which it said was aimed at helping automakers bring models faster to market.

In January the company signed a strategic agreement with China’s Zhejiang Geely group to produce electric vehicles, components and systems for third party vehicle manufacturers.

Also last month, it signed an agreement with Chinese electric vehicle startup Byton to begin commercial production of an electric vehicle by the first quarter of 2022.

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Earlier this month, the company announced it had signed 635 companies to participate in the development and production of its new ‘open’ EV platform. This includes a large number of hardware and software companies which will effectively become the supply chain for its electric vehicles.

Hon Hai chairman Young Liu said at the weekend its newly-developed in-house EV platform, called the MIH Open Platform, was expected to “help launch vehicles starting this year”.

The company said it expected to begin generating revenue from its automotive business in 2021 while the automotive sector was expected to contributed “meaningfully” to group sales from 2023.

Hon Hai has now agreed to build an EV for Fisker to sell worldwide, including North America, Europe, China and India, with production scheduled to start in the fourth quarter of 2023.

A final agreement is scheduled to be signed later in 2021 but the plan envisages producing over 250,000 Fisker EVs per year, with some production possibly taking place in the US.

Fisker will design and market the vehicle, while Foxconn will supply the ‘skateboard’ platform and manage the supply chain and assembly process. 

Henrik Fisker, founder of the US startup company, said in a statement: “I have full confidence that Hon Hai can do this and maybe have ideas that are outside the box.”

The company is said to be designing an electric vehicle that doesn’t fit an existing segment such as sedans or SUVs.