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FISKER OCEAN TAKES NEXT STEPS TOWARDS MANUFACTURING MILESTONES

Fisker Inc. (NYSE: FSR) (“Fisker”) – passionate creator of the world’s most sustainable electric vehicles and advanced mobility solutions – today took another significant step forward towards the start of production for the Fisker Ocean SUV with the official opening of several Fisker-dedicated operational areas at Magna’s world-class manufacturing facility in Graz, Austria. Fisker CEO and Chairman, Henrik Fisker, was onsite in Graz with teams from engineering, manufacturing, purchasing and quality to review the new facilities, the progress being made on the path to volume production and to commence a countdown clock timed to the start of production.

“The Ocean program continues to progress exactly how we forecast,” says CEO and Chairman, Henrik Fisker. “Seeing areas such as prototype manufacturing and testing facilities ready for the Ocean was a motivating sight for everyone at Fisker and Magna. Having the confidence that the Ocean will launch on time with outstanding quality continues to validate our asset-lite strategy and specifically, our partnership with Magna.”

Co-located teams from Fisker and Magna covering areas including manufacturing engineering and purchasing are now situated in a dedicated program office, ideally situated close to engineering, the prototype shop and the future production areas for Body-in-White (BIW) and the paint shop. The newly completed prototype engineering and manufacturing center will drive the first build phases for the Ocean. The prototype facility, which has a capacity of 1,500 vehicles per year, will enable the prototype build phase to be carried out using serial production conditions, helping to train the production team and ensure a smooth transfer to the serial production line. The Ocean will also benefit from the extensive testing facilities at Graz, including those for durability, NVH, climate extremes and a test track – all of which help drive program integration across manufacturing and engineering.

Fisker and Magna recently signed their long-term manufacturing agreement and confirmed that production of the all-electric Fisker Ocean SUV is projected to start on Nov. 17, 2022, in Graz. The manufacturing agreement between the two companies covers planned volumes, manufacturing costs and quality metrics over the program’s lifecycle through 2029. It covers all stages, including the critical planning and launch phases. This agreement underpins all facility investments, including body shop, a clear path to start-of-production in Nov. 2022 and rapid ramp-up to full run-rate production.

The Fisker Ocean SUV will use a version of a Magna-developed electric vehicle architecture modified by Fisker to create the FM29 platform, and in the process, create new intellectual property (“IP”). Combined with Fisker-developed IP, the new aluminum-intensive FM29 platform is projected to deliver class-leading range and interior space at a Bill of Materials and manufacturing cost that enables the Ocean to enter the market at a starting MSRP of $37,499 in the United States (excluding EV-related subsidies) and below €32,000 in Germany (including taxes and EV-related subsidies) – as well as offer compelling, high-value option packages to customers across the Ocean’s entire price range.

“Seeing the countdown clock show 506 days until the start of production was a timely reminder of the work ahead,” added Mr. Fisker. “However, also seeing the quality of the facilities and the teamwork between the Fisker and Magna teams gave me tremendous confidence that we can continue to achieve our program milestones on our way to the start-of-production.”

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, visit www.FiskerInc.com

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