By Stephen Nakrosis

Shares of electric vehicle maker Fisker Inc. are trading higher on the New York Stock Exchange on Wednesday, following news the company will collaborate with Hon Hai Technology Group, also known as Foxconn, to develop an electric vehicle.

At 12:13 p.m. EST, shares of Fisker were trading 26.23% higher at $20.56. Volume at the time topped 26.7 million shares, above the 65-day average volume of some 12.4 million shares.

The two companies said they signed a memorandum of understanding, and added Foxconn will manufacture the vehicle "at projected annual volumes of more than 250,000."

The companies also said production is projected to start in the fourth quarter of 2023.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

02-24-21 1246ET