- Binding manufacturing agreement finalizes all aspects of the
cooperation agreement originally entered on Oct. 15, 2020.
- Start of production for the Fisker Ocean SUV is on track for
Nov. 17, 2022, at Magna’s carbon-neutral facility in Graz,
Austria.
- Fisker Ocean to debut at Los Angeles Auto Show in Nov.
2021.
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.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210617005298/en/
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.
“Our complete vehicle systems approach, combining all elements
of our portfolio, makes Magna’s proposition highly competitive – in
capital efficiency, launch reliability and speed to market,” said
Magna Steyr President, Frank Klein. “Our collaboration with Fisker
is an excellent example demonstrating the unique capabilities Magna
offers as the go-to supplier when it comes to delivering
world-class technologies and vehicles for our customers.”
The Fisker Ocean SUV will use a version of a Magna-developed
electric vehicle architecture modified by Fisker to create the FM29
platform, and in the process, create new intellectual property
(“IP”). Combined with Fisker-developed IP, the new
aluminum-intensive FM29 platform is projected to deliver
class-leading range and interior space at a Bill of Materials and
manufacturing cost that enables the Ocean to enter the market at a
starting MSRP of $37,499 in the United States (excluding EV-related
subsidies) and below €32,000 in Germany (including taxes and
EV-related subsidies) – as well as offer compelling, high-value
option packages to customers across the Ocean’s entire price
range.
“Our asset-lite model, reinforced by partners like Magna, is
powering Fisker towards its planned delivery of the Ocean with
features and functions exceeding our original aspirations,”
continued Mr. Fisker. “From our co-located manufacturing team in
Austria to our software engineers in San Francisco, Fisker is
scaling rapidly to deliver a range of world-class, sustainable
products and services.”
For more information or interview inquiries, contact
Fisker@GoDRIVEN360.com.
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive
industry by developing the most emotionally desirable and
eco-friendly electric vehicles on Earth. Passionately driven by a
vision of a clean future for all, the company is on a mission to
become the No. 1 e-mobility service provider with the world’s most
sustainable vehicles. To learn more, visit www.FiskerInc.com – and
enjoy exclusive content across Fisker’s social media channels:
Facebook, Instagram, Twitter, YouTube and LinkedIn.
Download the revolutionary new Fisker mobile app from the App
Store or Google Play store.
Forward-Looking Statements
This press release includes forward-looking statements, which
are subject to the “safe harbor” provisions of the US Private
Securities Litigation Reform Act of 1995. These statements may be
identified by words such as “feel,” “believes,” expects,”
“estimates,” “projects,” “intends,” “should,” “is to be,” or the
negative of such terms, or other comparable terminology and
include, among other things, the quotations of our Chief Executive
Officer and statements regarding the planned start of production
and MSRP of the Ocean, the Company’s future performance and other
future events that involve risks and uncertainties. Such
forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties, which could cause
actual results to differ materially from the forward-looking
statements contained herein due to many factors, including, but not
limited to: Fisker’s limited operating history; Fisker’s ability to
enter into additional manufacturing and other contracts with Magna,
or other OEMs or tier-one suppliers in order to execute on its
business plan; the risk that OEM and supply partners do not meet
agreed upon timelines or experience capacity constraints; Fisker
may experience significant delays in the design, manufacture,
regulatory approval, launch and financing of its vehicles; Fisker’s
ability to execute its business model, including market acceptance
of its planned products and services; Fisker’s inability to retain
key personnel and to hire additional personnel; competition in the
electric vehicle market; Fisker’s inability to develop a sales
distribution network; and the ability to protect its intellectual
property rights; and those factors discussed in Fisker’s Annual
Report on Form 10-K, as amended, under the heading “Risk Factors,”
filed with the Securities and Exchange Commission (the “SEC”), as
supplemented by Quarterly Reports on Form 10-Q, and other reports
and documents Fisker files from time to time with the SEC. Any
forward-looking statements speak only as of the date on which they
are made, and Fisker undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210617005298/en/
Fisker Inc. Simon Sproule, SVP, Communications 310.374.6177 |
Fisker@DRIVEN360.com
Rebecca Lindland, Director, Communications
rlindland@fiskerinc.com
Dan Galves, VP, Investor Relations dgalves@fiskerinc.com
FiskerIR@icrinc.com
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