Project PEAR: American Fisker EV promises 2024, price $29,900.

Affordable electric cars are still hard to come by, but Fisker is changing all that with a new model codenamed Project PEAR.

The EV startup opened reservations for the PEAR on Tuesday and announced a starting price of just $29,990 (before incentives and destination charges). Reservations require a $250 deposit for the first vehicle and $100 for the second and subsequent vehicles.

The first Fisker model, the 2023 Ocean electric crossover, is scheduled to go into production in November with prices starting at $37,499.

Production of the PEAR will begin in 2024, and Fisker is eyeing global sales of 250,000 units per year. However, Fisker will not manufacture PEAR itself. Just as the company outsources production of the Ocean to contract manufacturer Magna Steyr, it plans to outsource production of the PEAR to Foxconn, yes, the same company that makes Apple's iPhone.

Foxconn acquired a plant in Lordstown, Ohio, last year from another EV startup, Lordstown Motors, which will be used for PEAR. Foxconn also plans to build Endurance pickup trucks for Lordstown at an Ohio plant originally owned by General Motors.

Foxconn announced its own modular EV platform in 2020, and last year announced its own EV; PEAR is expected to use a modified version of Foxconn's platform to fit Fisker's requirements. By relying heavily on information technology, the two companies aim to go from initial R&D to production in 24 months, or about half the time it takes to develop a new car traditionally.

The code name PEAR is an acronym for Personal Electric Automotive Revolution, and Fisker describes the car as an "agile urban EV." At approximately 177 inches long, it is slightly shorter than compact EVs like Hyundai's Ioniq 5 and Volkswagen's ID.4, and will seat five people. Fisker also said the car will feature intuitive controls, sporty driving characteristics, and "industry firsts."

Stay tuned.