Investing.com-- Nissan Motor Co., Ltd. (TYO: 7201 ) shares rose sharply in Japanese trade on Thursday after Taiwan’s Foxconn (SS: 601138 ) said it was seeking partnerships with Japanese automakers, including Nissan (OTC: NSANY ), to build and sell electric vehicles in the country.

Nissan shares jumped 8.9% to 339.3 yen, tracking a broader rally in Japanese markets as they cheered a postponement of U.S. President Donald Trump’s trade tariffs. The Nikkei 225 index rallied 8.4%.

Nissan peers Honda (NYSE: HMC ) Motor and Toyota Motor (NYSE: TM ) rose more than 6% apiece.

Foxconn, formally known as Hon Hai Precision Industry Co Ltd (TW: 2317 ), is seeking partnerships with Japanese automakers to build and sell EVs, a company executive said  on Wednesday.

The contract electronics giant has in the past expressed an interest in a Nissan partnership, and could also consider taking a stake in the automaker. Speculation over such a tie-up grew after discussions over a Honda-Nissan merger largely fell through this year.

Foxconn wants to tie-up with Nissan, but is currently not engaging with the automaker, a Foxconn executive said in an interview with the Nikkei newspaper.

The executive also flagged potential for a broader partnership with Honda, Nissan, and Mitsubishi Motors- Nissan’s junior partner. Foxconn confirmed a partnership with Mitsubishi to supply it with EVs.

A Foxconn EV partnership represents a major lifeline for Nissan, which is struggling with a sustained sales decline across the globe. Its sales in China- a major automobile market- have tumbled amid heightened competition from local EV makers such as BYD (SZ: 002594 ), and more recently, Xiaomi (OTC: XIACF ).