Magna Reports Cooperation with Fisker to Engineer and Manufacture Fisker Ocean | Financial Buzz

Magna Reports Cooperation with Fisker to Engineer and Manufacture Fisker Ocean

Magna has announced signing of agreements with Fisker Inc. to provide the framework for a platform sharing and manufacturing cooperation for the Fisker Ocean SUV.  Fisker is an e-mobility automaker that announced plans to begin production in Q4 of 2020. 

“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,” said Swamy Kotagiri, President of Magna. “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.”

At first, the Fisker Ocean will be manufactured exclusively by Magna in Europe.  The vehicle will leverage Magna’s EV architecture with the Fisker-Flexible Platform Adaptive Design to allow for a lightweight aluminem platform for the Fisker Ocean.  “Magna has a unique position in the industry with its market-leading innovative solutions combined with vehicle assembly capabilities that have produced more than 3.7 million vehicles from 30 different models,” said Frank Klein, President Magna Steyr. Magna’s proven capabilities, particularly in electric vehicles, form a strong basis to support Fisker with world class engineering and manufacturing of the Fisker Ocean.”

Fisker will issue Magna warrants to purchase shares that represent approximately 6% of its equity.