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Fisker & Magna Enter Into Definitive Agreements

  • Fisker and Magna sign the definitive platform agreement and initial manufacturing an agreement, just two months on from the original framework agreements
  • Fisker and Magna achieved Preliminary Product Specification (PPS) engineering gateway on schedule in November 2020

LOS ANGELES (Dec. 17, 2020) – Fisker Inc. (NYSE: FSR) (Fisker) – designer and manufacturer of the world’s most emotion-stirring, eco-friendly electric vehicles and advanced mobility solutions – today announced it has entered into definitive “operational phase” platform-sharing and initial manufacturing agreements with Magna International Inc. (collectively with its affiliates, “Magna”), which clarify and finalize key aspects of the framework agreement previously announced on Oct. 15, 2020.

“I’m very pleased to have closed this definitive agreement, as planned, following the signing of the original framework deal,” commented Fisker Chairman and Chief Executive Officer, Henrik Fisker. “With the recent completion of the PPS gateway, the Fisker and Magna teams are working literally around the clock to ensure we can keep our rapid development program on track towards the delivery of the all-electric Fisker Ocean SUV, projected to commence in Q4 2022.”

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. Interest in the Ocean continues to build at an encouraging pace, with global paid reservations now standing at more than 10,400 as of today. Fisker plans to unveil a production-intent prototype of the Ocean in the summer of 2021.

“Our teams are fully engaged to enable the projected start of production in Q4 2022 and are working through a common set of program milestones,” said Frank Klein, president of Magna Steyr. “Our complete vehicle development approach is ideally suited to the Ocean program and its rapid development path to market.”

The Fisker Ocean SUV will use a modified version of a Magna-developed EV platform. According to Fisker, “Taking Magna’s EV platform as the starting point, Fisker engineers are further developing FM29, and in the process, creating new IP that is unique to Fisker. To suit our requirements for the Ocean and other vehicles, we are redesigning the front-end structure and both lengthening and widening the platform. FM29 provides us the flexibility to accommodate a large battery, increase occupant space and enable the signature Fisker wide vehicle stance, while delivering purchasing cost efficiencies to bring the Ocean to market at a starting price below $40,000. Available on the range-topping Ocean Extreme model, the large battery format enabled by FM29 is also projected to support an Ultra Long Range (ULR) option with a potential range of more than 350 miles.”

“Complementing the FM29 platform will be an EE architecture that includes features not previously seen in automotive applications – developed in-house by Fisker,” continued Mr. Fisker. “Our powertrain team is working to optimize the drive unit in deep collaboration with our cell provider to deliver the expected class-leading output we are projecting for the battery pack. Further, as a digital car company, we are creating smarter methodologies in digital and master data management (MDM) that enable smart platform sharing across different vehicle models. This helps us to deliver a seamless customer experience, as well as expedite the globalization of our supply chain and manufacturing.”

Images courtesy of Fisker

 

 

 

 

 
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