California-based electric vehicle manufacturer Fisker has confirmed on that it is going ahead with plans to produce its PEAR vehicle at the former GM Assembly Plant in Lordstown which has been acquired by Taiwanese-based Foxconn on Thursday.

Fisker announced in a news release that the PEAR (an acronym for Personal Electric Automotive Revolution) will start production in 2024 and will have a base price below $29,000.

According to Fisker, plans are to build a minimum of 250,000 PEAR vehicles a year once the plant ramps up production.

“The PEAR will be a revolutionary electric vehicle that won’t fit into any existing segment. The exterior design will feature new lighting technology and a wraparound front windscreen inspired by a glider plane glass canopy, enhancing frontal vision,” Fisker Chairman and CEO Henrik Fisker said, adding that he plans to visit the factory with a team of engineers on Friday, May 13, 2022.

“Our engineering group is working on new features and high-tech solutions for the PEAR that will change how we use and enjoy a vehicle in the city,” Fisker said.

The PEAR will be Fisker’s second vehicle. The Ocean, which starts production in Austria on Nov. 17, 2022.

Fisker says it has designed and engineered the PEAR to reduce parts for rapid, simplified manufacturing. It will be built on a new proprietary architecture which will be utilized to underpin two additional models that Fisker will introduce at a later date.

The Fisker news comes on the heels of an announcement from Lordstown Motors that it has closed the sale of its facility to Foxconn, along with a joint venture for product development.

The deal between Foxconn and Lordstown Motors includes a manufacturing supply agreement for the all-electric Endurance pickup truck, commercial production of which is targeted for the third quarter of this year, with the first commercial deliveries expected in the fourth quarter.

Foxconn will assume manufacturing operations at the Lordstown plant immediately.

Approximately 400 LMC employees will transition to employment with Foxconn.

LMC will retain a presence in Lordstown along with engineering and technical centers, as well as corporate staff, in Farmington Hills, Mich. and Irvine, Calif, according to a  news release.

In connection with the closing of the asset purchase agreement, Foxconn and LMC also entered into a joint venture agreement to co-develop EV programs using Foxconn’s Mobility-in-Harmony (MIH) open-source EV platform.

The new joint venture will be called MIH EV Design LLC and will be 55 percent owned by Foxconn and 45 percent by LMC.