The interior of the Fisker Project PEAR is revealed, possibly with a "Houdini" trunk.

Fisker announced details of its highly anticipated project PEAR, which has the potential to bring EVs to a wider audience with a promised starting price of $29,900.

Fisker announced Wednesday that PEAR will hit the road in prototype form later this year and make its official debut in late 2023. The company previously announced that production would begin in 2024.

Production will be outsourced to Foxconn, a Taiwanese manufacturing contractor best known for producing iPhones for Apple. Foxconn will be responsible for PEAR production at the former General Motors plant in Road Town, Ohio.

PEAR is just a code name. It is an acronym for "Personal Electric Automotive Revolution," and Fisker describes it as a sporty, agile crossover for urban environments. At approximately 177 inches long, it will be slightly shorter than smaller EVs like Hyundai's Ioniq 5 and Volkswagen's ID.4, and will seat five people.

Fisker also unveiled the PEAR's interior design on Wednesday, saying it will feature what it calls a Houdini trunk, a low beltline, and a large wrap-around windscreen. The Houdini trunk is described as replacing the traditional rear cargo hatch.

Buyers can choose between a single-motor rear-wheel drive configuration or a dual-motor all-wheel drive setup. They can also choose between two batteries, with the larger option (Hyper Range) targeting a range of over 310 miles. A panoramic roof with solar panels is also available to help extend the range.

Fisker said it will announce more details about PEAR during 2022. The company also stated that the vehicle has already garnered 3,200 reservations.

Meanwhile, Fisker's first vehicle, the Ocean, has surpassed 50,000 reservations. Prices for this small crossover start at $37,499 and production will begin in November. Again, Fisker is outsourcing production, in this case to Magna Steyr, which is producing at its factory in Austria.