Magna to Produce Fisker Ocean Electric SUV in Europe

Fisker announces it is entering into agreements with Magna International that provide the framework for strategic platform sharing and manufacturing cooperation for the battery-electric Fisker Ocean SUV.

Manufacturing is planned to begin in fourth-quarter 2022 at Magna Steyr’s plant in Graz, Austria, where the Canadian company has assembled more than 3.7 million vehicles – 30 different models under contract with several global brands, including BMW, Mercedes-Benz and Jaguar.

Fisker says in a news release it will leverage Magna’s EV architecture, combined with Fisker intellectual property, to finalize a new lightweight aluminum-intensive FM29 platform for the Fisker Ocean SUV and potential future vehicles. Under the partnership, Magna is to be issued warrants to purchase up to 6% of Fisker capital stock.

“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,” says Fisker Chairman and CEO Henrik Fisker. “Further, having Magna take such a committed position in the project and our company demonstrates the depth of this cooperation.

Fisker_Ocean front

“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 (pictured above) to market at a starting MSRP of $37,499,” he says.

Fisker’s design, engineering and software teams will integrate Magna’s EV architecture with the Ocean’s exterior styling, the EV maker says.

“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,” Magna International President Swamy Kotagiri says.

“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.”

Fisker_Ocean rear