On Friday, Foxconn, a major Apple supplier and manufacturer of its electronics, announced an upbeat forecast for its upcoming second quarter revenue, projecting a 15% surge after the manufacturer saw a 13.5-fold increase in Q1 net profit compared to the same quarter last year.
This profit growth was spurred by increased demand for consumer devices, especially during the work-from-home period of the pandemic.
Foxconn had also announced on Friday that their plans to develop an electric vehicle in an existing joint venture with Fisker Inc. (NYSE:FSR), an EV automaker, would see its first factory located in the US.
This decision was influenced by the high accessibility of nearby suppliers and various government incentives that Foxconn would be able to gain. As a result, Fisker shares jumped 5.53% by the end of Friday after increasing as much as 18%, its most significant movement in two months.