Fisker starts taking reservations for its $29,900 Pear EV

Fisker is at last ready to share more about Project PEAR. The automaker has started taking reservations for the Pear, a five-passenger “urban EV” that will start at $29,900 before incentives and taxes. That’s less than Tesla’s originally quoted $35,000 for the Model 3, and well below the $37,499 price of Fisker’s Ocean SUV. You’ll have to place a $250 deposit ($100 for a second reservation) and wait until 2024 to receive your car, but it might prove tempting if you’re not willing to wait for Tesla’s fabled $25,000 car and aren’t fond of Chevy’s upcoming Equinox EV.

The Pear (PEAR originally stood for Personal Electric Automotive Revolution) is the result of a collaboration with Foxconn where the manufacturing capability is as important as the technology. Fisker is shy on details besides promises of sportier driving characteristics, an intuitive interface, smart storage and a “focus on industry firsts.” However, the Pear will be built in Ohio with a production rate of at least 250,000 vehicles per year — Fisker and Foxconn are evidently counting on economies of scale to reach that lower-than-usual price point.

There are more than a few risks involved. The revived Fisker doesn’t start producing the Ocean, its first EV, until November 2022. It’s unclear whether that initial model will foster enough demand to justify the Pear’s production levels. Range, performance and quality are still unknowns. Fisker will also have some competition by the time the Pear arrives, and it won’t be surprising if more direct rivals surface between now and 2024. All the same, the Pear might be welcome as a sign that EVs are becoming more affordable.

Editor’s note: This article originally appeared on Engadget.