Fisker and Magna Enter Into Definitive Agreements
December 17 2020 - 9:02AM
Business Wire
- Fisker and Magna sign the definitive platform agreement and
initial manufacturing agreement, just two months on from the
original framework agreements
- Fisker and Magna achieved Preliminary Product Specification
(PPS) engineering gateway on schedule in November 2020
Fisker Inc. (NYSE: FSR) (Fisker) – designer and manufacturer of
the world’s most emotion-stirring, eco-friendly electric vehicles
and advanced mobility solutions – today announced it has entered
into definitive “operational phase” platform-sharing and initial
manufacturing agreements with Magna International Inc.
(collectively with its affiliates, “Magna”), which clarify and
finalize key aspects of the framework agreement previously
announced on Oct. 15, 2020.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20201217005378/en/
Fisker Inc. (NYSE: FSR) (Fisker) –
designer and manufacturer of the world’s most emotion-stirring,
eco-friendly electric vehicles and advanced mobility solutions –
today announced it has entered into definitive “operational phase”
platform-sharing and initial manufacturing agreements with Magna
International Inc. (collectively with its affiliates, “Magna”),
which clarify and finalize key aspects of the framework agreement
previously announced on Oct. 15, 2020. 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. Interest in the Ocean continues to build at an
encouraging pace, with global paid reservations now standing at
more than 10,400 as of today. Fisker plans to unveil a
production-intent prototype of the Ocean in the summer of 2021.
(Photo: Business Wire)
“I’m very pleased to have closed this definitive agreement, as
planned, following the signing of the original framework deal,”
commented Fisker Chairman and Chief Executive Officer, Henrik
Fisker. “With the recent completion of the PPS gateway, the Fisker
and Magna teams are working literally around the clock to ensure we
can keep our rapid development program on track towards the
delivery of the all-electric Fisker Ocean SUV, projected to
commence in Q4 2022.”
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. Interest in the Ocean
continues to build at an encouraging pace, with global paid
reservations now standing at more than 10,400 as of today. Fisker
plans to unveil a production-intent prototype of the Ocean in the
summer of 2021.
“Our teams are fully engaged to enable the projected start of
production in Q4 2022 and are working through a common set of
program milestones,” said Frank Klein, President of Magna Steyr.
“Our complete vehicle development approach is ideally suited to the
Ocean program and its rapid development path to market.”
The Fisker Ocean SUV will use a modified version of a
Magna-developed EV platform. According to Fisker, "Taking Magna's
EV platform as the starting point, Fisker engineers are further
developing FM29, and in the process, creating new IP that is unique
to Fisker. To suit our requirements for the Ocean and other
vehicles, we are redesigning the front-end structure and both
lengthening and widening the platform. FM29 provides us the
flexibility to accommodate a large battery, increase occupant space
and enable the signature Fisker wide vehicle stance, while
delivering purchasing cost efficiencies to bring the Ocean to
market at a starting price below $40,000. Available on the
range-topping Ocean Extreme model, the large battery format enabled
by FM29 is also projected to support an Ultra Long Range (ULR)
option with a potential range of more than 350 miles.”
“Complementing the FM29 platform will be an EE architecture that
includes features not previously seen in automotive applications –
developed in-house by Fisker,” continued Mr. Fisker. “Our
powertrain team is working to optimize the drive unit in deep
collaboration with our cell provider to deliver the expected
class-leading output we are projecting for the battery pack.
Further, as a digital car company we are creating smarter
methodologies in digital and master data management (MDM) that
enable smart platform sharing across different vehicle models. This
helps us to deliver a seamless customer experience, as well as
expedite the globalization of our supply chain and
manufacturing.”
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 additional manufacturing and other 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; and those factors
discussed in Fisker’s Form 8-K filed with the Securities and
Exchange Commission on November 4, 2020 under the heading “Risk
Factors” 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/20201217005378/en/
Fisker Inc. Simon Sproule, SVP, Communications 310.374.6177 |
Fisker@GoDRIVEN360.com
Dan Galves, VP, Investor Relations dgalves@fiskerinc.com
FiskerIR@icrinc.com
Fisker (NYSE:FSR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Fisker (NYSE:FSR)
Historical Stock Chart
From Sep 2023 to Sep 2024