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 firstname.lastname@example.org
(END) Dow Jones Newswires
May 14, 2021 11:09 ET (15:09 GMT)
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