Fisker (NYSE:FSR) stock was on the rise Friday after announcing a major electric vehicle deal with Chinese manufacturing company Foxconn.

The goal of the two companies is to create a U.S. manufacturing facility for a new EV platform. This is working under the title Project ‘PEAR’ (Personal Electric Automotive Revolution).

Fisker is aiming to create a new EV platform that will only cost customers $30,000, before taking into account incentives. Both it and Foxconn will co-develop the vehicle together and will also share the profits from the effort.

Fisker and Foxconn have yet to decide on a location for the Project PEAR factory. However, the two companies note that they are looking at multiple locations in the U.S. that could servce as home to the facility.

Fisker says that the Prject PEAR EV platform will be developed under the name “‘FP28”. The two companies are planning to start production of this EV in the fourth quarter of 2023. There’s still no date for when the EV will be ready for commercial sales.

Henrik Fisker, chairman and CEO of Fisker, said the following about the news boosting FST stock up today.

“In order to deliver on our promise of product breakthroughs from Project PEAR, we needed to rethink every aspect of product development, sourcing, and manufacturing. Our partnership with Foxconn enables us to deliver those industry firsts at a price point that truly opens up electric mobility to the mass market.”

FSR stock is seeing heavy trading on today’s news. As of this writing, more than 22 million shares of the stock have changed hands. That’s above the company’s daily average trading volume of 19.4 million shares and we aren’t even halfway through the day yet.

FSR stock was up 4.1% as of Friday morning.

Fisker isn’t the only topic investors should keep their eyes on today.

The big news today all has to do with cryptocurrencies. That includes Polygon (CCC:MATIC-USD), Shiba Inu (CCC:SHIB-USD), Dogecoin (CCC:DOGE-USD) and more. You can catch up on all of this news at the links below.

More Friday News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.