Fisker and Magna sign long-term agreement, including production of Ocean SUV in fall 2022

In a recent announcement, Fisker and Magna International Inc. have finalized a long-term manufacturing agreement. The binding agreement coincides with previous agreements between both parties regarding EV platform sharing and ADAS systems. As part of the latest agreement, Magna will produce Fisker’s upcoming electric Ocean SUV in November 2022.

Fisker Inc. is an EV startup based in the South Bay of Los Angeles and the second iteration of founder and CEO Henrik Fisker. Henrik’s original company, Fisker Automotive, went bankrupt, and its assets were purchased by a Chinese auto parts conglomerate called Wanxiang Group, who quickly relaunched the company as Karma Automotive.

Henrik Fisker retained the trademark and the Fisker logo and launched a new, separate company with a more original name — Fisker Inc. Since then, Fisker Inc. claimed a “breakthrough” in solid-state batteries that would provide its EVs with “500 miles range and one-minute charging,” but quickly backtracked on these bold promises and even admitted that the company’s upcoming vehicles would, in fact, feature traditional lithium-ion batteries instead.

Although Fisker Inc. has yet to deliver a production EV, it announced it had inked a deal with Magna International last October to produce its upcoming Ocean SUV.

With today’s announcement, both companies look to add to their agreements while offering a more concrete timeline on when consumers might actually see a Fisker Ocean delivery, thanks to Magna.

Fisker and Magna promise Oceans by November 2022

A recent press release from Fisker has revealed the latest terms of its previous agreement with Magna including long-term and binding manufacturing support. Per the release from Fisker:

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.

To be more specific, Magna and Fisker expect the Ocean SUV to begin production on November 17, 2022. Magna plans to produce Fisker’s Ocean EVs at its carbon-neutral manufacturing facility in Graz, Austria, the site of of 3.7 million vehicle assemblies for OEMs around the world. Fisker chairman and CEO, Henrik Fisker, elaborates:

From the start of this partnership, Fisker and Magna aligned very quickly on the importance of delivering a high-quality vehicle on time. 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.

Fisker’s Ocean SUV will utilize EV architecture developed by Magna and modified by Fisker to create what the parties are calling the FM29 platform, new intellectual property.

If and when the Ocean does finally deliver, Fisker expects this platform to help keep EV costs down for consumers. Currently, Fisker anticipates an MSRP of $37,499 in the US (excluding any tax rebates) and below €32,000 in Germany (including taxes or EV subsidies).

Check back with our Fisker Ocean guide for the latest production and pricing updates as we wait for November 2022.

Electrek’s Take

Q4 2022 is still pretty far away, so there’s plenty of time for Fisker to blow this. However, they seem to finally be on the right track in bringing the Fisker Ocean SUV to the masses… thanks to Magna.

As I’m sure you know, Fisker doesn’t have the best record of keeping its promises, and has an even worse record of delivering actual EVs. However, Fisker should be in good hands with Magna, an international manufacturer with loads of resources and experience.

That leaves Fisker more time to do what it does best, like come up with designs and other unique ideas like a popemobile, without having to worry so much about their execution. With a long-term deal in place, Magna should be able to help Fisker get the Ocean over the finish line, and assist with the next line of EVs on the FM29 platform.

What do you think? Still skeptical? Let us know in the comments below.