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22.03.2021

Foxconn stocks rise on partnership talks

Foxconn stocks rise on partnership talks

The talks have not been officially confirmed yet and are said to be at an early stage

Stocks impacted: Foxconn (2354)

Foxconn is negotiating with Vietnamese electric car start-up VinFast regarding cooperation to develop batteries and other components for electric cars. The talks have not been officially confirmed yet and are said to be at an early stage. According to the latest reports, Foxconn has proposed acquiring EV production lines owned by the unit VinFast. Of note, VinFast sold about 30,000 vehicles last year and has forecast sales of more than 45,000 for 2021. Earlier this month, the company said it had set up an electric vehicle battery venture with Taiwan’s ProLogium. Taiwan's Foxconn rose over 3.6% after Vingroup said its car unit was in early-stage talks with Foxconn. However, the company’s stocks finished just 1.37% higher following the initial reaction.

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