Affordable electric vehicles are still hard to come by but Fisker wants to change all that with a new model code-named Project PEAR.

The EV startup on Tuesday opened the reservation process for the PEAR and announced a starting price of just $29,990—before incentives and before a destination charge. Reservations require a $250 deposit for the first vehicle and $100 for subsequent vehicles.

Fisker's first model, the 2023 Ocean electric crossover, is due to enter production in November and has been priced to start at $37,499.

Production of the PEAR isn't due to start until 2024, with Fisker looking to build as many as 250,000 units annually for global sale. Fisker won't actually build the PEAR itself, though. Just as the company has outsourced production of the Ocean to contract manufacturer Magna Steyr, production of the PEAR will be outsourced to Foxconn—yes, the company that builds iPhones for Apple.

2023 Fisker Ocean prototype - 2021 Los Angeles Auto Show

2023 Fisker Ocean prototype - 2021 Los Angeles Auto Show

Foxconn last year acquired a plant in Lordstown, Ohio, from another EV startup, Lordstown Motors, and will use it for the PEAR. Foxconn is also set to build the Endurance pickup truck for Lordstown at the Ohio plant, which was originally owned by General Motors.

Foxconn unveiled its own modular EV platform in 2020, and presented its own EVs last year. The PEAR is expected to use a version of Foxconn's platform modified for Fisker's requirements. By relying heavily on information technology, the two companies are looking to go from initial R&D to production within the space of 24 months, or about half the traditional time it takes to develop a new vehicle.

The PEAR code name is an acronym for Personal Electric Automotive Revolution, and Fisker describes the vehicle as an “agile urban EV.” It will measure about 177 inches long, or a bit shorter than compact EVs like the Hyundai Ioniq 5 and Volkswagen ID.4, and be able to seat five. Fisker also said the vehicle will feature intuitive controls, sporty driving characteristics, and a “focus on industry firsts.”

Stay tuned.