Fisker Inc. (“Fisker”) announced it is entering into agreements with Magna International Inc. (“Magna”) that provide the framework for strategic platform sharing and manufacturing cooperation for the Fisker Ocean SUV.
Henrik Fisker, chairman and chief executive officer 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.”
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. Magna has decades of experience in vehicle production, having produced more than 3.7 million vehicles of 30 different models. Magna and Fisker have agreed to work together to continue to develop new technologies that will accelerate innovation across multiple automotive systems and architectures for Fisker vehicles.
Using Fisker-Flexible Platform Adaptive Design (FF-PAD), Fisker’s design, engineering and software teams will integrate Magna EV architecture with the award-winning exterior design of the Ocean. The new FM29 lightweight aluminum-intensive platform is the basis not only for the Ocean – but may also be the basis for future vehicles.
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.”
“This relationship with Magna marks an important milestone for Fisker as the company continues to make progress towards achieving its future goals. We are confident that Fisker will continue this positive momentum as we work towards the close of our transaction and beyond,” said Geoffrey Strong, chairman and chief executive officer of Spartan Energy Acquisition Corporation (NYSE: SPAQ) (“Spartan”) and senior partner, co-head of infrastructure and natural resources at Apollo Global Management, Inc. (NYSE:APO).
For additional information regarding Fisker’s agreements with Magna, please refer to the supplemental proxy materials to be filed by Spartan with the U.S. Securities and Exchange Commission on Oct. 15, 2020.
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles. To learn more and to reserve the all-electric Fisker Ocean, visit www.FiskerInc.com.