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(Pocket-lint) - Just when you thought BlackBerry had no more hands left to play, it’s pulled another move that could breath new life into the company. BlackBerry and Foxconn, the factory famous for manufacturing iPhones, have signed a five-year deal.

The two companies will work together to create a new smartphone. As the world’s largest manufacturer of electronic products Foxconn should be a great ally for BlackBerry.

After third-quarter losses of £2.7 billion BlackBerry is in dire need of a win. The company abandoned attempts to find a buyer last month so this partnership could be its last hope.

Temporary chief executive John Chen said: "Partnering with Foxconn allows BlackBerry to focus on what we do best - iconic design, world-class security, software development and enterprise mobility management - while simultaneously addressing fast-growing markets leveraging Foxconn's scale and efficiency that will allow us to compete more effectively."

The BlackBerry Porsche Design P’9982 is another great example of BlackBerry partnering to its advantage. Perhaps this is the path it needs to continue down.

READ: BlackBerry Porsche Design P'9982 pictures and hands-on

While the latest BlackBerry 10 OS smartphones have failed to sell in large numbers there is still a chance for the company. Perhaps it could try Windows Phone or Android devices in the future? Whatever its new device has as its main selling point it’s going to have to be a shockingly good handset to compete with Apple, Samsung and Nokia right now.

Motorola's new Moto G9 Plus is a stunner of a phone - find out why, right here

Writing by Luke Edwards. Originally published on 20 December 2013.