Fisker Taps Magna for EV Platform

Magna International has been selected to supply the chassis for the upcoming Fisker Ocean electric crossover vehicle.

Fisker Ocean (Image: Fisker)

The companies also confirm that the supplier’s Magna Steyr unit in Graz, Austria, will assemble the EV for Fisker. Production is expected to begin in November 2022.

As the part of the deal, Magna has the option to purchase a 6% stake in Fisker, which Reuters says is worth about $3 billion. The California startup company is in the process of going public via a reverse merger with Spartan Energy Acquisition.

Lightweight Platform

Fisker says it evaluated several potential partners before choosing Magna. Volkswagen, which had been under consideration for the platform, still may supply some body and interior components for the vehicle.

Magna’s aluminum intensive FM29 skateboard architecture will help keep weight down and enable a roomy interior with three rows of seating, Fisker notes.

Batteries and electric motors will be sourced separately.

What’s Next?

The Ocean is expected to have a driving range of more than 300 miles. Pricing will start at $37,500.

Fisker also plans to use the flexible FM29 platform for a range of other EVs that it has in the works. The partners also have agreed to co-develop other unspecified technologies for future Fisker EVs.

“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,” says Magna President Swamy Kotagiri in describing the deal.

The agreement is the latest in a wave of partnerships involving the scramble by startups to launch EVs. Magna also has a deal with Beijing Electric Vehicle to build electric cars in China, and it is in talks with another California startup, Canoo.