Fisker Announces Deal With Magna to Produce Ocean Electric SUV

by Denis Gurskiy

Today Fisker announced that they would be moving forward with a strategic agreement with Magna International to provide production capabilities for their upcoming Fisker Ocean electric SUV.

The deal comes with the stipulation that Magna will be “issued warrants to purchase up to 6% of the capital stock of Fisker following the proposed business combination between Fisker and Spartan Energy Acquisition Corp.”. While Fisker will “leverage Magna’s EV architecture, combined with unique Fisker intellectual property”, the platform being used will be Fisker’s own FM29 platform.

Henrik Fisker, chairman and CEO of Fisker, stated:

“We chose to leverage the Magna EV architecture after detailed due diligence on several options – and in consideration of our own product and technology strategy. Further, having Magna take such a committed position in the project and our company demonstrates the depth of this cooperation. Combined with our own Fisker developed IP, the new FM29 platform is projected to deliver class-leading range, interior space with third-row seating and overall vehicle performance. These factors, combined with capital investments, Bill of Materials and manufacturing costs, will enable us to deliver the Ocean to market at a starting MSRP of $37,499.”

For those unaware, Magna is one of the largest automobile parts manufacturers in the world. Their factory in Austria also currently produces the Mercedes G-Class, BMW 5 series, Jaguar I-Pace and E-Pace, along with the Toyota Supra/BMW Z4. Overall the company has produced over 3.7 million vehicles over 30 different models. Short of a partnership with an established automaker, this is probably the best that any fledgling automaker can hope for. We are all aware of the supply and production fiasco that caused Fisker to close up shop during its first try at auto manufacturing, hopefully, they can avoid similar mishaps with the Fisker Ocean.

Swamy Kotagiri, president of Magna International, added:

“We are very happy to be able to work with Fisker on such an exciting sustainable product and to see what additional opportunities this cooperation may bring. This is a great example of our strategy to leverage our strong portfolio to scale for future mobility needs and utilize our full vehicle engineering and manufacturing capabilities. This is a unique competitive position for us, particularly with new mobility players and OEMs seeking to expand their electrified offerings.”

With reports of Fisker’s negotiations with Volkswagen hitting a snag, many were left wondering where Fisker would turn to, but it now seems that the Q4 2022 delivery timetable for the Fisker Ocean is on track.  Fisker of course has made a lot of claims and is eying a very competitive starting price of $37,499 that will be difficult to achieve, but they have over two years to get it done, so we will wait and see.

What do you guys think of the Fisker Ocean? Let us know down in the comments below.

Source: Fisker

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