Fisker Inc. has announced it is entering into an agreement with Magna International Inc. to manufacture the Fisker Ocean SUV at its European vehicle assembly facility.
The Fisker Ocean will initially be manufactured exclusively by Magna in Europe, where it currently produces several high-quality vehicles on behalf of global brands.
As part of the partnership, Magna will be offered the option to purchase 6% of the capital stock of Fisker following the proposed business combination between Fisker and Spartan Energy Acquisition Corp. (subject to the achievement of certain milestones).
The two companies have also agreed to work together to continue to develop new technologies that will accelerate innovation across multiple automotive systems and architectures. This includes finalising a new lightweight aluminium intensive ‘FM29’ platform for the Fisker Ocean SUV and potential future vehicles.
Henrik Fisker, chairman and chief executive officer of Fisker, says: “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.”
Swamy Kotagiri, president of Magna International, adds: “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.”
Fisker is due to list on the New York Stock Exchange on completion of the business combination with Spartan Energy Acquisition Corp.