Earlier today, BlackBerry (TSE:BB) (NYSE:BB), a Canadian software company, announced a partnership with Foxconn’s Mobility in Harmony (MIH) Consortium, causing the stock to rally by 6.85% today. This consortium focuses on advancing innovation in the EV industry.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
As part of the deal, MIH is going to use BlackBerry’s QNX and Ivy software for its EV platform. The idea is to build an inclusive environment where electric vehicles can thrive and where development can happen faster.
The first output of this team effort is “Project X,” a compact, single-row three-seater car perfect for the busy streets of Asia. We can expect to see this hitting the roads in Japan before the end of the year. However, they’re not stopping there. Plans are already in place for six-seater and nine-seater vehicles to follow in the next few years.
Is Blackberry Stock a Buy, According to Analysts?
Turning to Wall Street, BB stock comes in as a Hold based on six unanimous Hold ratings assigned in the past three months. The average BB stock price target of C$7.49 implies 11.6% upside potential, nonetheless.
