Fisker PEAR won’t be priced at $29,900 for long, which is why we recommend you should reserve the electric vehicle now.
Fisker PEAR is going to be one of the most revolutionary EVs ever made at an amazing price. That is why we are highly recommending you get your reservation in right now.
As we’ve learned with the Fisker Ocean, the $29,900 price tag on the Fisker PEAR won’t be available forever.
Fisker said it would lock-in the price of the Fisker Ocean for the first 40,000 reservation holders. After that, Fisker can’t guarantee pricing will remain static. However, it will try its best to hold pricing steady thanks to its asset-light business model. The same thing will apply to Fisker PEAR pricing throughout 2024. We will explain.
Advertised Price of $29,900
Fisker has confirmed it will keep the Fisker PEAR priced at $29,900 throughout 2024. This advertised price is a lock for those that purchase in 2024. The question is, how many PEAR electric vehicles will Fisker and Foxconn produce in 2024 for purchase? That will determine who gets to purchase the Fisker PEAR for $29,900 or at a higher price in 2025. Beyond 2024, who knows what the price of the Fisker PEAR will be with inflation soaring.
2024 PEAR Production
The Fisker PEAR will start production in the second half of 2024. At peak production, the Foxconn factory in Lordstown will produce 250,000 units/year or 20,833 units/month.
While Foxconn is the heavyweight champion of producing consumer electronics, its new to manufacturing electric vehicles. That means it’s going to take a little while for the company to ramp production.
In 2024, we estimate the company will produce 30,000 units. That means approximately 30,000 units will be available at a price of $29,900.
Current Fisker PEAR Reservations
Reservations for Fisker PEAR started on February 16th. On June 7th, at Fisker’s annual shareholder meeting, the company reported 3,200 Fisker PEAR reservations.
It took the company 111 days to hit 3,200 reservations. This equates to about 29 net new PEAR reservations per day.
Since last week, Fisker has probably added another 175 reservations. That means the next 26,625 reservations holders have a good chance of locking in the 2024 pricing of $29,900.
Another Reason to Reserve Now
In the United States, the first 200k electric vehicles produced by a manufacturer qualify for a government tax incentive. That means early Fisker PEAR reservation holders may qualify for the tax credit. That is unless the Fisker Ocean hits 200k units in sales before PEARs are delivered. The $7,500 tax credit helps you offset your tax liability at tax time. That means, if you purchase one of the first 200k Fisker EVs, your taxable liability will decrease by $7,500. You can claim up to $7,500 in credit against federal income taxes you owe in the year you buy the Fisker PEAR. (The same tax incentive applies for the Fisker Ocean too.) While the Fisker PEAR is priced at $29,900, it will cost you $22,400 after government tax credits. The Fisker PEAR will be the least expensive electric vehicle built in the United States.
Reserving Your Fisker PEAR
We reserved our Fisker PEAR on May 25th. It cost us $250 to get our name on the reservation list. That puts us at around reservation # 2,823.
While $250 is a lot of money to lock up for nearly 2 years, it will save us thousands of dollars if we can purchase the PEAR in 2024 as opposed to 2025.
If you’re at all interested in the Fisker PEAR, you’ll want to reserve yours now. You can thank us in 2024 when you’re able to pre-order the Fisker PEAR.
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Article mentions the first 200k Pear will get the US tax credit. Won’t a significant number of the 200k be consumed by Ocean sales? It’s the manufacturer, not the model?
There is a cap on this tax credit of 200,000 electrified vehicles per manufacturer.
If the demand is there for the Ocean, especially the cheaper models, doubt there will be many getting a tax credit on the Pear. None in 2025.
Am I missing something?
Thank you for the catch. I’ve updated and reworded that section a bit. I believe the Fisker PEAR will be eligible for the $7,500 government tax credit in 2024. This is another reason to reserve now!! That is how Fisker markets the PEAR as well right now, “$29,900 before government tax incentives.” Fisker is projected to sell 500 Oceans in 2022, 45,000 in 2023, and 115,000 in 2024, which totals 160,500 units. That leaves 39,500 units for the PEAR, RŌNIN, and UFO to qualify for the government tax credit here in the USA. Have you reserved your Fisker PEAR yet?
I reserved my pear in first 24 hrs. any idea how many were first 24hrs?
Last reported, there were a total of 3,000 PEAR reservations.
The line “The $7,500 tax credit helps you offset your income at tax time. That means, if you purchase one of the first 200k Fisker EVs, your taxable income will decrease by $7,500.” is incorrect.
The tax credit reduces your taxes owed, not taxable income. If you only owe $5,000, $2,500 of the tax credit goes away unused. If your tax owed is $8,000, the credit knocks that down to $500. The tax credit has nothing to do with taxable income and everything to do with total tax obligation.
Thank you MSB, I’ve corrected that information and explained it further.
Great article, Sean. This highlights a major issue with EV adoption to the masses: refund incentives. State rebates and incentives are actually more worthwhile than the federal tax credit. I know that there was an actual federal rebate incentive being pushed in the infrastructure package a while back that, unfortunately, was killed. It’s that type of incentive that will push larger adoption and give people less pause to migrate.
Thank you Tony! There is so much our government could do. They need to get it done for us!
I find it hard to believe people are putting that kind of money down on a product sight unseen.
The cost to reserve a Fisker PEAR, or Ocean, is less than 1% of the purchase price. That does not seem unreasonable, does it Dennis?
I think I will place my deposit on a Pear over the weekend. It will most likely be the most funky vehicle I will have other than a Nissan JUKE from several years ago.