Magna International is going to build Fisker’s forthcoming Ocean SUV under contract at its manufacturing facility in Graz, Austria. Production of the electric vehicle (EV) will begin in the fourth quarter of 2022.
The build contract is part of a wider strategic cooperation between the luxury EV maker and Magna, which has a well-established history as a contract manufacturer and tier one supplier to the automotive industry. This is the first time it has built a vehicle for an EV start-up, though it is familiar with EVs, as it builds the I-Pace for Jaguar.
Fisker and Magna will work together on platform sharing and manufacturing. The agreement covers the development of a lightweight aluminium platform, called FM29, for the Fisker Ocean and “potential future vehicles”. Fisker’s design, engineering and software teams are integrating Magna EV architecture with the exterior design of the Fisker Ocean. That integration will be based on the Fisker-Flexible Platform Adaptive Design (FF-PAD).
“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,” said Henrik Fisker, chairman and CEO of the company. “Further, having Magna take such a committed position in the project and our company demonstrates the depth of this cooperation.”
That commitment includes Magna taking a 6% share in Fisker worth $3 billion. Fisker is also currently in the process of a merger with energy investor Spartan Energy Acquisition.
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.”