Stock Alert: Fisker Gains 9% On EV Manufacturing Deal With Foxconn

(RTTNews) - Shares of Fisker Inc. (FSR) are gaining nearly 9% on Friday morning after the electric-vehicle company announced a EV manufacturing deal with tech manufacturer Hon Hai Precision Industry, popularly known as Foxconn.

FSR is currently trading at $10.83, up $0.88 or 8.84%, on the Nasdaq.

Fisker signed framework agreements with Foxconn supporting joint development and manufacturing related to Project 'PEAR' (Personal Electric Automotive Revolution), which the company explains "to be a program to develop a new breakthrough electric vehicle."

Under the agreements, Fisker and Foxconn will jointly invest into Project PEAR, with each company taking proceeds from the successful delivery of the program.

Fisker will work with Foxconn on a new lightweight platform designated 'FP28,' leveraging technological expertise from each company to support Project PEAR and potential future vehicles.

Fisker did not provide any financial specifics or estimates for the partnership.

Commenting on the deal, Fisker Chairman and Chief Executive Officer, Henrik Fisker said, "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. 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."