On Thursday, shares of Foxconn rose by 4.5% after the company announced that it will collaborate with Fisker Inc to produce more than 250,000 electric vehicles a year, starting from late 2023.

Over the last 1 year, Taiwan based Foxconn has ramped up interest in electric vehicles and has announced deals with Stellantis NV’s Fiat Chrysler unit, Chinese electric-car maker Byton and automakers Zhejiang Geely Holding Group.