RTTNews | Feb 24, 2021 07:49AM EST

07:48 Wednesday, February 24, 2021 (RTTNews.com) - Shares of Fisker Inc. (FSR) are rising over 21% in the pre-market today, after the company said it entered into a MOU with Hon Hai Technology Group supporting a project to develop a breakthrough electric vehicle.

FSR, which has been trading between $8.70 and $23.63 for the past one year, is currently trading at $19.87, up $3.58 or 21.98% in the pre-market session Wednesday. Trading volume was over 15.8 million versus an average volume of 12.69 million shares.

Production is expected to begin in the fourth-quarter of 2023, and that would be the second vehicle introduced by the Fisker brand, following the launch of the Ocean SUV in Q4 2022, the company said.

Key Takeaways from the press release:

* Foxconn to manufacture the vehicle at projected annual volumes of more than 250,000.* Global market scope - including North America, Europe, China, and India.* Due to the rapid development schedule, both companies expect to conclude discussions and enter into a formal partnership agreement during Q2 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3172372/stock-alert-fisker-shares-soar-21-in-pre-market.aspx)

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