What's Going On With BlackBerry Stock This Week?

BlackBerry Ltd BB shares are ticking higher Tuesday after closing Monday up more than 7%. Here's a look at what's going on.

What To Know: On Monday, Blackberry announced that Foxconn-initiated group Mobility In Harmony (MIH) selected the company to provide the foundation for its next-generation electric vehicle platform. 

MIH plans to use Blackberry software and services to build out a platform for its unique modular design approach to EVs. The company will utilize BlackBerry QNX and its automotive AI platform, BlackBerry IVY. 

MIH's Project X is a single-row three-seat vehicle that is expected to be marketed towards Asian consumers. The vehicle is set to be unveiled in Japan later this year. MIH also plans to develop and release six-seater and nine-seater vehicle platforms in the coming years. 

"The Foxconn-led MIH Consortium has articulated an ambitious and compelling vision focused on accelerating innovation in the EV ecosystem," said Mattias Eriksson, president of BlackBerry IoT.

"We are excited to join the MIH consortium and look forward to helping them execute on their vision of transforming the overall EV industry."

BlackBerry is set to participate in upcoming investor events including the JPMorgan Auto Conference on Aug. 9 and the Canaccord Genuity Annual Growth Conference on Aug. 10. 

See Also: Uber Technologies Stock Rides Higher On Q2 Performance

BB Price Action: BlackBerry shares were up 0.39% at $5.11 Tuesday morning after closing Monday up 7.37%, according to Benzinga Pro.

Photo: courtesy of BlackBerry.

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