Foxconn shares rise by more than 3% after announcing talks with Vinfast over EV partnership

TAIPEI (Reuters) – Shares of Taiwan’s Foxconn rose 3.6% on Monday after Vietnamese conglomerate Vingroup said its automotive unit was in early talks with Foxconn on developing batteries and parts for electric cars.

Foxconn has offered to acquire electric vehicle production lines belonging to the VinFast unit, Reuters exclusively reported on Friday.

Vingroup later said it received proposals from Foxconn and that the partnership will focus on developing electric car batteries and parts.