Fisker closes deal for Magna to build its SUV

by SpeedLux
Images of Fisker EMotion

Fisker Inc, which is going public through a merger said on Thursday that auto supplier Magna International will provide the vehicle platform and build the electric automaker’s Ocean SUV.

As part of the deal, Magna will get warrants to purchase a stake of up to 6% in Fisker, giving the EV automaker an overall valuation of about $3 billion, Fisker Chief Executive Henrik Fisker informed Reuters.

“We’re full speed ahead,” Fisker said in a telephone interview according to Reuters. “This is a huge turning point. We realized Magna would be an amazing partner because having skin in the game obviously means we both have the same goal of getting this car to market.”

Fisker, which is merging with Spartan Energy Acquisition, said it had finalized a deal with Magna for building the Ocean in Europe, marking the Canadian supplier’s first entry into contract manufacturing for an EV startup.

Use of Magna’s aluminum-intensive vehicle platform will enable the Ocean to have an electric driving range of over 300 miles (483 km) and allow Fisker to offer buyers the option of a third row of seating, Henrik Fisker said.

The vehicle is going to have a starting price of $37,499.

Fisker Inc’s merger with Spartan is expected to close on October 30 and its shares will trade on the New York Stock Exchange under the symbol “FSR,” Fisker said.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.


SpeedLux is a high-authority automotive blog providing the latest automotive news and reviews. SpeedLux covers everything related to cars, bikes, and motorcycles, from news and reviews, to troubleshooting guides, tips and tricks, and more. SpeedLux was born in 2009 and we have over 20,000 articles published on our blog. We thank all our readers, as well as our partners, without whom we could not have reached this level.


©2009 – 2024 SpeedLux – Daily Automotive News and Reviews. All Right Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More