TAIPEI (Taiwan News) — Reservations for the Fisker Pear, an electric vehicle (EV) developed in cooperation with the Foxconn Technology Group, have started in the U.S., even though the car will not be delivered until 2024, Engadget reported Tuesday (Feb. 5).

The car, described as an “agile urban EV,” will be priced at US$29,900 (NT$833,550) before tax and incentives, cheaper than the Tesla Model 3. The name of the new vehicle stands for “Personal Electric Automotive Revolution.”

Production for the current planned car model, the Fisker Ocean, will start in November.

According to Engadget, Fisker plans to build 250,000 Pears a year in Ohio, where Foxconn also has an agreement with Lordstown Motors Corporation to manufacture the Endurance electric pickup truck.

The report also pointed out the risks of the Fisker venture, as details about the quality, performance, and range of the new EV have still not been revealed. By 2024, competition for the Pear will also be much stronger, casting doubt on its chances of success, even though it showed EVs could become more affordable, Engadget reported.

Foxconn has also been preparing EV production in Indonesia and Thailand while developing its own models of electric cars and buses.