Fisker Shares Rise 6% on EV Partnership With Foxconn

By Chris Wack

Fisker Inc. shares were up 6% to $10.56 said it has signed framework agreements with Hon Hai Technology Group, also known as Foxconn, supporting joint development and manufacturing related to a program to develop a new breakthrough electric vehicle.

The company said the new segment vehicle will be jointly developed and sold under the Fisker brand into global markets including North America, Europe, China and India.

Manufacturing will begin in the U.S. with several locations under consideration by Fisker and Foxconn. Other global manufacturing sites under study for future production will support projected annual volumes of more than 250,000 units across multiple sites, the company said.

Under the agreement, Fisker and Foxconn will jointly invest in the project, with each company taking proceeds from the successful delivery of the program. Fisker will work with Foxconn on a new lightweight platform designated FP28, using technological expertise from each company to support this project and potential future vehicles, Fisker said.

Volume for Fisker stock was 17.4 million share at 10:45 a.m. ET, compared to its 65-day average volume of 19.8 million shares. The stock hit its 52-week high of $31.96 on March 2.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

May 14, 2021 11:09 ET (15:09 GMT)

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