Magna inks platform deal for Fisker Ocean SUV

By Simon Warburton | 16 October 2020

Magna has signed agreements with Fisker providing the framework for a platform sharing and manufacturing cooperation for the Fisker Ocean SUV.

Fisker, an e-mobility automaker, announced plans to start production in the fourth quarter of 2022.

"We are very happy to be able to work with Fisker on such a sustainable product and to see what additional opportunities this cooperation may bring," said Magna president, Swamy Kotagiri.

"This is a [n] example of our strategy to leverage our strong portfolio to scale for future mobility needs and utilise our full vehicle engineering and manufacturing capabilities. This is a competitive position for us, particularly with new mobility players and OEMs seeking to expand their electrified offerings."

The Fisker Ocean will initially be manufactured exclusively by Magna in Europe. The vehicle will leverage Magna's EV architecture combined with the Fisker-Flexible Platform Adaptive Design (FF-PAD) to create a lightweight, aluminium intensive platform.

For his part, Magna Steyr president, Frank Klein, added: "Magna has a unique position in the industry with its solutions combined with vehicle assembly capabilities that have produced more than 3.7m vehicles from 30 different models.

"Magna's proven capabilities, particularly in electric vehicles, form a strong basis to support Fisker with engineering and manufacturing of the Fisker Ocean."

As part of the cooperation, Fisker will issue Magna warrants to purchase shares currently representing around 6% of its equity.