Fisker’s Project PEAR (Personal Electric Automotive Revolution) is inching closer to reality as the company has signed framework agreements with Foxconn. While Wisconsin residents will probably snicker at that, the agreements call for the two companies to jointly invest in the mysterious electric vehicle.

Little is known about the model at this point, but it will ride on a new lightweight platform known as FP28. Pricing is slated to begin at less than US$ 30,000 before incentives and Fisker released new teasers which suggest the vehicle will be a crossover that has a short hood, pronounced fenders and a gently sloping roof.

Project PEAR is slated to go into production in the fourth quarter of 2023, but a site hasn’t been selected yet. However, the automaker said several locations are under consideration in the United States and “other global manufacturing sites [are] under study for future production.” If everything goes according to plan, the EV will be sold in major markets including North America, Europe, China and India. The company also intends to build more than 250,000 units annually.

While a lot of work still needs to be done, Fisker said several milestones have already been achieved including the freezing of Project PEAR’s exterior design. Sourcing is also underway and the company will rely heavily on Foxconn to secure chipsets and semiconductors. Besides talking about Project PEAR, Fisker reiterated that the production-intent Ocean will be unveiled at the Los Angeles Auto Show and is still slated to go into production in the fourth quarter of 2022.