Fisker Sign Long-Term Manufacturing Agreement with Magna

Fisker debut the Fisker Ocean SUV at the Los Angeles Auto Show November 2021. At that time they had a tentative agreement with Magna that they entered into on Oct. 15,2020. As of June 17th 2021, a binding agreement was reached between Fisker and Magna for production to start November 17th 2022 for the first of Fisker BEVs, the OCEAN Suv.

This binding agreement is a broad-based, comprehensive plan covering volumes, manufacturing costs and quality metrics over the program's lifecycle that runs to the end of 2029. This plan covers all critical planning, launch and manufacturing phases. This agreement underpins all facility investments, including bodyshop, a clear defined path to start-of-production in 2022 and the rapid ramp-up to full run-rate production.

This contract covers the everything including opportunities to increase production volumes based on sales and adding other architecture variants. Fisker Ocean SUV will use a Magna-developed electric vehicle architecture modified by Fisker to create the FM29 platform. This platform is an aluminum-intensive platform projected to deliver class-leading range, interior space at a Bill of Meterials and Manufacturing cost that enables the Ocean to enter the market at a starting MSRP of $37,499 in the United States excluding EV-related subsidies and below the Euro 32,000 in Germany (including taxes and EV-related Subsidies) offering a compelling, high-value option packages to customers across the Ocean's entire price range.

Magna is excited by this partnership where they see a future where everyone can live and move without limitations. Magna has been developing auto parts to complete auto's for various vendors for decades and has expanded from ICE to Hybrid and now full line of Electric power trains that will compliment Fisker's line of Battery Electric vehicles.

Magna line of eDrives to eBeams move the world in todays products and in the future of Fisker BEVs. The latest product, eBeam is built for Offroad capable auto's to commercial grade auto's. Fisker as they get closer to production will clarify what all components made by Magna will be in the RWD/AWD Fisker Ocean SUV.

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