Fisker And Magna Steyr Shake Hands On Ocean SUV Deal

Fisker has signed an agreement with Magna Steyr, who will supply the EV startup with the platform for the Ocean SUV which Magna will also manufacture at its European vehicle assembly facility.

In return, Magna will be issued warrants to purchase a stake of up to 6% in Fisker, while striving to deliver “a world-class electric vehicle” in the Ocean. This deal, according to Fisker CEO Henrik Fisker, gives the EV manufacturer an overall valuation “of about $3 billion”.

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

“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 to market at a starting MSRP of $37,499.”

The FM29 platform will underpin not just the Ocean, but other future vehicles Fisker is already working on, namely a super sports sedan, a crossover and a pickup truck.

The Fisker Ocean will reportedly have a driving range of more than 300 miles (483 km) and will feature an optional third row of seats.