Fisker and Magna Sign Long-Term Manufacturing Agreement

Fisker Inc. (NYSE: FSR) (“Fisker”) – passionate creator of the world’s most sustainable electric vehicles and advanced mobility solutions – today announced it signed a binding agreement supporting manufacturing with Magna International Inc. (“Magna”). Along with the previously signed agreements on electric vehicle (EV) platform sharing and ADAS package, today’s news finalizes the framework established between the two companies beginning in Oct. 2020.

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Fisker Inc. (NYSE: FSR) (“Fisker”) – passionate creator of the world’s most sustainable electric vehicles and advanced mobility solutions – today announced it signed a binding agreement supporting manufacturing with Magna International Inc. (“Magna”). Along with the previously signed agreements on electric vehicle (EV) platform sharing and ADAS package, today’s news finalizes the framework established between the two companies beginning in Oct. 2020. (Photo: Business Wire)

Fisker and Magna also confirmed that production of the all-electric Fisker Ocean SUV is projected to start on Nov. 17, 2022, at Magna’s world-class manufacturing facility in Graz, Austria, where they have produced more than 3.7 million vehicles for several global automakers.

“From the start of this partnership, Fisker and Magna aligned very quickly on the importance of delivering a high-quality vehicle on time,” said Fisker Chairman and CEO, Henrik Fisker. “We continue to strengthen our partnership beyond platform development and manufacturing into areas such as the development of Fisker Intelligent (FI) Pilot. I am very confident Fisker and Magna will deliver an incredible product to our customers.”

This agreement is broad-based and comprehensive, covering planned volumes, manufacturing costs and quality metrics over the program’s lifecycle through 2029. It covers all stages, including the critical planning and launch phases. This agreement underpins all facility investments, including bodyshop, a clear path to start-of-production in Nov. 2022 and rapid ramp-up to full run-rate production.

This contract strengthens the deep partnership between Magna and Fisker, providing opportunities to increase volumes with the Ocean or other FM29 architecture variants, as well as collaboration on efficiencies in the production process that may drive post-launch manufacturing and cost innovations.