General Motors shares are on a roll this week, hitting an all-time high and gaining an astounding 17% over the past five days.
The Dow Jones slid lower amid fears Joe Biden's massive stimulus plan could lead to higher interest rates or tax hikes. GM stock reversed.
Apple Inc (NASDAQ: AAPL) supplier Hon Hai Precision Industry Co., Ltd.-ADR (OTC: HNHPF), widely known as Foxconn, has announced a high-profile appointment for its newly created open electric vehicle platform.What Happened: Foxconn has appointed Jack Cheng, co-founder of Chinese EV start-up Nio Inc - ADR (NYSE: NIO), as head of MIH, its open software and hardware platform for developing EVs, local Chinese media outlets reported.William Wei, the unit's chief technology officer, will assume responsibility for software, the report said.Related Link: Apple Supplier Foxconn Confirms It Will Make Electric Vehicles With Chinese Startup Byton Cheng is an auto industry veteran, with over four decades of experience at companies such as Ford Motor Company (NYSE: F) and Fiat Chrysler Automobiles NV (NYSE: FCAU).Cheng, along with William Li, was responsible for putting in place the core team at Nio in the second half of 2015.After quitting Nio in 2019, Cheng worked for XPT, which develops core components for Nio.Foxconn established the MIH platform in October to diversify into EV sector.Earlier this week, Foxconn announced a 50-50 joint venture with Geely Automobile Holdings Ltd (OTC: GELYF) to provide OEM production and comprehensive, customized consulting services to global automakers.Why It's Important: The appointment of Cheng suggests Foxconn is contemplating a big push into the EV market.The company's relationship with Apple in iPhone manufacturing makes it a favored name for a potential partnership with the tech giant, if and when it decides to take the plunge.Related Link: What iPhone Supplier Foxconn's Strong Quarterly Revenue Means For Apple Photo by Steve Jurvetson via Wikimedia. See more from Benzinga * Click here for options trades from Benzinga * Apple Supplier Foxconn, Geely Partner On Automotive Contract Manufacturing Services * What iPhone Supplier Foxconn's Strong Quarterly Revenue Means For Apple(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.