TAIPEI (Taiwan News) — Taiwanese electronics manufacturer Foxconn Technology Co. and electric carmaker Fisker Inc. signed a seven-year deal on Thursday (May 13) to develop and manufacture a new electric vehicle (EV).

The EV will go into production somewhere in the U.S. by the end of 2023 and will be sold under the Fisker brand in North America, Europe, India, and China, according to TechCrunch. The site for the American plant was not disclosed, but Fisker Chief Executive Henrik Fisker said four states are under consideration, including Wisconsin, which is slated to host a future Foxconn future facility, Reuters reported.

The type of vehicle was not identified, but it will be built on a new lightweight platform created by both companies. The five-passenger EV will be sold around the world and should be priced below US$30,000.

The companies said the U.S. plant will start with an annual capacity of at least 150,000 vehicles, with the eventual goal of producing more than 250,000 vehicles a year across multiple sites. According to the deal, both companies will jointly invest in a program called “Project PEAR” (Personal Electric Automotive Revolution) and share in any profits.

“In order to deliver on our promise of product breakthroughs from Project PEAR, we needed to rethink every aspect of product development, sourcing and manufacturing,” Fisker said in a statement. “Our partnership with Foxconn enables us to deliver those industry firsts at a price point that truly opens up electric mobility to the mass market.”