AAPL - Here's Why Fisker Stock Jumped Wednesday
Shares of electric-vehicle start-up Fisker (NYSE: FSR) jumped as much as 20% Wednesday after the company announced plans for a new manufacturing agreement with Foxconn Technology. Shares remained up 17% as of 10:50 a.m. EST.
The memorandum of understanding (MOU) seeks to have Foxconn -- a component supplier for Apple (NASDAQ: AAPL) also known as Hon Hai Precision (OTC: HNHPF) -- manufacture electric vehicles (EVs) under the Fisker brand.
Today's bounce comes after Fisker shares dropped 10% on Tuesday. Foxconn will be the second manufacturing partnership for Fisker's planned EVs; its Ocean SUV was initially built by automotive supplier Magna (NYSE: MGA) . Foxconn's connections to Apple -- combined with recent rumors of Apple considering entering the EV market -- may also have investors wondering if Fisker will play a role in any future Apple EV projects.
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Here's Why Fisker Stock Jumped Wednesday