Lordstown Motors Corp. (NASDAQ:), saw an increase of 46% on Thursday after the announcement by the company that it had completed a deal with Foxconn, a Taiwanese contract maker. This electric vehicle manufacturer is also experiencing the same disruptions in supply chains and increasing material costs as companies such as Tesla (NASDAQ:).

AJ Bell analyst, Danni Hewson, says that the deal should buy Lordstown some breathing room to continue production of the company’s much anticipated electric pickup truck.

Building electric vehicles can be a costly business even at times. Hewson added that the current supply crunch is making it extremely hard and Lordstown Motors as well its shareholders will feel an incredible sense of relief right now.”

Foxconn will produce the Lordstown Motors Endurance pickup truck. Production will begin in the third quarter. Customers will receive it in the fourth.

By Michael Elkins