Fisker Announces Strategic Cooperation With Magna

0
70
  • Innovative new EV cooperation anticipated to secure previously communicated Q4 2022 start of production timing for the Ocean SUV, with manufacturing planned at Magna’s European vehicle assembly facility
  • Magna to 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. (subject to the achievement of certain milestones) – and will integrate deeply into the Ocean program to deliver a world-class electric vehicle
  • Fisker to leverage Magna’s EV architecture, combined with unique Fisker intellectual property, to finalize a new lightweight aluminum intensive ‘FM29’ platform for the Fisker Ocean SUV and potential future vehicles

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).

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.