Foxconn to build cars for electric vehicle startup Fisker

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Foxconn Technology Group 2354, + 1.29%, the world’s largest electronics contract maker, agreed to assemble cars for electric vehicle startup Fisker Inc., FSR, + 20.90% latest deal for Apple AAPL, -1.02% iPhone assembler in its eager expansion into the automotive sector over the past year. Taipei-based Foxconn and Los Angeles-based Fisker have signed a memorandum of understanding to jointly produce more than 250,000 vehicles a year, the companies said in a statement Wednesday.

While the exact location has yet to be determined, Fisker CEO Henrik Fisker said there is a very good chance that initial production will be in the United States, in part because Foxconn already has a factory in Wisconsin. “They have a factory there and a lot of land with a lot of possibilities for expansion,” he said in an interview. “We have not made a final decision on this, but it is obvious.” An expanded version of this article appears on WSJ.com Popular WSJ.com Stories: