Fisker and Magna Achieve Key Engineering and Purchasing Milestones
November 16 2020 - 4:15PM
Business Wire
- Fisker and Magna achieve Preliminary Product Specification, a
key engineering and purchasing gateway, on the Fisker Ocean product
program
Fisker Inc. (NYSE: FSR) (“Fisker”) – designer and manufacturer
of the world’s most emotion-stirring, eco-friendly electric
vehicles and advanced mobility solutions – today confirmed that the
company and Magna International Inc. (collectively with its
affiliates, “Magna”) had completed the Preliminary Product
Specification (PPS) gateway, a key engineering and purchasing
milestone for the Fisker Ocean SUV. This milestone confirms
preliminary specifications and targeted performance on key
components and subsystems, as well as timing for all subsequent
gateways through to the planned start of production in Q4,
2022.
“Today’s announcements demonstrate our team’s ability to set
aggressive targets and achieve them on time,” commented Fisker
Chairman and Chief Executive Officer, Henrik Fisker. “Completing
these important engineering and purchasing milestones demonstrates
how well the Fisker and Magna teams are working together and
keeping our rapid, capital-light product development program
on-track towards the delivery of the all-electric Fisker Ocean SUV,
expected to commence in Q4 2022.”
On Oct. 15, 2020, Fisker and Magna announced they had entered
into agreements to provide the framework for strategic platform
sharing and manufacturing cooperation for the Fisker Ocean SUV. The
Fisker Ocean will initially be manufactured exclusively by Magna in
Europe, where it currently produces several high-quality vehicles
on behalf of global brands. Fisker and Magna have agreed to work
together to continue to develop new technologies that will
accelerate innovation across multiple automotive systems and
architectures for Fisker vehicles.
For more information, or for 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. These
statements are made under the “safe harbor” provisions of the U.S.
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.
Forward-looking statements are statements that are not historical
facts. 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 platform and manufacturing contracts with Magna, or
other OEMs or tier-one suppliers in order to execute on its
business plan; 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. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201116006013/en/
Fisker Inc. Simon Sproule, SVP, Communications 310.374.6177 /
Fisker@GoDRIVEN360.com
Dan Galves, VP, Investor Relations dgalves@fiskerinc.com
FiskerIR@icrinc.com
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