• News
  • Guides
  • Reviews
  • Media
  • About
  • News
  • Guides
  • Reviews
  • Media
  • About
Sign up Now (For Free)

Sign up for our newsletter and receive the latest automotive news in your inbox!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Thanks for subscribing!
News
Read Now
  • All News
  • Automakers
  • Automobiles
  • Auto Shows
  • Business
  • EVs & Environment
  • Guides
  • Lawsuits/Legal
  • Regulatory
  • Ride-Sharing
  • Safety & Recalls
  • Technology
Recent
  • Q&A: Mazda North America’s CEO Jeff Guyton
  • Tesla Owners Stung by Capitalism
  • Mercedes Updates GLE Models for 2024 Model Year
  • First Look: Mazda’s Bigger, More Luxurious New CX-90
  • GM Net Income Rises for Q4 But Falls for Full Year 2022
  • GMC Launches Production of Hummer SUV; Needs Until 2024 to Fill Outstanding Orders
  • Vehicle Sales Up for January Despite Ongoing Challenges
  • Bidding Adieu to Bugatti’s W16 Engine
  • Ford “Significantly” Raising Production of Mustang Mach-E While Reducing Prices “Across the Board”
  • Week Ahead: Numbers, Numbers and More Numbers
Editor’s Choice
    Reviews
    Read Now
    • All Reviews
      • Feeder
    • Classic Cars
    • Concept Cars
    • Convertibles
    • Coupes
    • Crossovers/CUVs
    • Diesel
    • Hot hatches
    • Hybrids
    • Luxury Vehicles
    • Minivans
    • Muscle Cars
    • Pickups
    • Sedans
    • Sports Cars
    • Super Cars
    • SUVs
    Recent Reviews
    • A Week With: 2023 Hyundai Palisade Calligraphy
    • A Week With: 2023 Ford F-150 Raptor R 4x4 Super Crew
    • A Week With: 2023 Genesis Electrified G80 AWD
    • A Week With: 2023 Land Rover Defender 110 V-8
    • First Drive: 2023 Honda Pilot TrailSport
    • A Week With: 2023 Jaguar F-Type R Coupe
    • A Week With: 2023 GMC Yukon Denali Ultimate
    • A Week With: 2023 Genesis GV60 Performance
    • A Week With: 2023 Chevrolet Suburban Z71
    • A Week With: 2023 Lexus UX 250h F Sport
    Editor’s Choice
      Guides
      Car Warranty
      • Endurance Warranty Reviews
      • BMW Extended Warranty
      • Extended Warranty For Cars Over 100k Miles
      • Extended Car Warranty Cost
      • Subaru Extended Warranty
      • CarShield Reviews
      • CarShield Cost
      • Aftermarket Car Warranty
      • CARCHEX Warranty Reviews
      • Reputable Extended Car Warranty Companies
      • Used Car Warranty Companies
      • Best Car Warranty
      • Is CarShield A Scam?
      • Mercedes Extended Warranty
      • CarShield Plans
      Insurance
      • How To Identify A Car Insurance Company
      • Geico Mechanical Breakdown Insurance
      • How Far Back Does A Car Insurance Company Look
      • Mechanical Breakdown Insurance For Used Cars
      • State Farm Mechanical Breakdown Insurance
      • Mechanical Breakdown Insurance From Progressive
      • Dollar A Day Insurance
      • Auto Insurance For SSI Recipients
      • Car Insurance Rates After A Suspended License
      • Auto Insurance For Salvage Vehicles
      • Average Cost of Dodge Ram 1500 Car Insurance
      • Car Insurance Florida
      • Full Coverage Auto Insurance
      • GrubHub Insurance
      • Amazon Delivery Auto Insurance
      Shipping
      • Car Shipping Companies
      • uShip Reviews
      • Auto Shipping From California To Hawaii
      • Montway Auto Transport Reviews
      • Cheap Car Shipping
      • Easy Auto Ship Reviews
      • Auto Shipping Miami
      • Auto Shipping To Alaska
      • Car Shipping Cost
      • Auto Shipping Hawaii
      • Auto Shipping Puerto Rico
      • Sherpa Auto Transport Reviews
      • Auto Shipping Atlanta
      • Auto Shipping Boston
      • Auto Shipping. Chicago
      About
      • About Us
      • Contact Us
      • Terms of Use
      • Privacy Policy
      • Affiliate Disclosure
      • Sitemap
      TheDetroitBureau.com

      More than just “another” place to find news, reviews, spy shots, commentary, features, and guides about the auto industry. TheDetroitBureau doesn’t stop with the press releases or confuse a few lines of opinion with insightful, in-depth reporting.

      Contact Us

      Like what you see? Have some ideas for making The Detroit Bureau.com even better? Let us know, we’d love to hear your voice.

        Media
        Listen Now
        • Headlight News: All Episodes
        More from TheDetroitBureau
        • Guides
        • Latest News
        • Auto Reviews
        • Podcasts
        Headlight News

        TheDetroitBureau.com’s Headlight News offers a look at the past week’s top automotive news stories, as well as what’s coming up in the week ahead. Check out the week’s top story and our latest review…along with a dive into the past with this week in automotive history.

        home > news > Automakers > Fisker, Magna Complete EV Deal

        Fisker, Magna Complete EV Deal

        Production slated to begin November 2022.

        Joseph Szczesny
        Joseph Szczesny , Executive Editor
        June 18, 2021

        With a new wave of electric vehicles moving closer to launch pads, Fisker announced it signed a binding agreement with Magna International Inc. to build a new EV for distribution in Europe and North America. 

        Henrik Fisker said his company and Magna aligned very quickly when it came to the Ocean.

        This finalizes the memorandum of understanding the two agreed to last October. 

        Fisker and Magna, one of the world’s largest automotive suppliers, also confirmed production of the all-electric Fisker Ocean SUV is slated to begin Nov. 17, 2022, keeping it on the original timeline for deliveries in late 2022. Production is expected to jump to 50,000 units in 2023.

        The new vehicle will be built at Magna’s facility in Graz, Austria. The factory has produced more than 3.7 million vehicles for several global automakers, such as BMW and Jeep, throughout the years. The finalized agreement gives the EV maker a partner with deep pockets as it launches its EV venture. 

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

        Broad agreement critical

        Magna’s facility in Graz, Austria already builds a variety of vehicles for established automakers.

        This agreement runs through the expected lifecycle of the vehicle — 2029 — covering planned volumes, manufacturing costs, quality metrics as well as critical planning and launch phases. It also covers all facility investments, including body shop, a clear path to start-of-production in November 2022 and rapid ramp up to full run-rate production, the two companies said in a statement. 

        It also allows for future collaboration and partnerships 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, the company noted in a release.

        Along with the previously signed agreements on electric vehicle (EV) platform sharing and ADAS package, the agreement finalizes the framework established between the two companies beginning in October 2020, the statement added. As part of the deal, Canada-based Magna will take a 6% stake in Fisker. 

        “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.” 

        Fisker offers a good hint as to what it plans to bring out by 2025.

        Partnership accelerates timeframe, reduces costs

        By teaming up with Magna, however, Fisker should be able to better spread out its assets as it won’t have to come up with the money needed to set up a factory to start building the Ocean SUV – a project that Henrik Fisker said should save as much as $1 billion. 

        Fisker also will have a ready-made, skateboard-style platform it can use to underpin the Ocean and some of the products scheduled to follow, amounting to more big savings.

        The platform Magna has developed is slightly larger and will allow Fisker to make Ocean slightly larger. “So, it allows us to put in a third row and achieve class-leading range” with a larger battery pack than originally planned, said Fisker.The prototype featured an 80 kilowatt-hour lithium-ion pack. Fisker won’t say how much larger the new platform’s pack will be but stressed that it will allow the production version of the Ocean to top the longest-range version of the Tesla Model Y which currently manages 315 miles between charges, according to the EPA.

        How to Care for Your Car

        Cheap Car Warranty

        Editor's Choice

        Best Extended Car Warranty

        Editor's Choice
        Recently Published
        Mazda US CEO Jeff Guyton

        Q&A: Mazda North America’s CEO Jeff Guyton

        Yesterday

        Tesla Owners Stung by Capitalism

        Yesterday
        2024 Mercedes-AMG GLE 63 S Coupé front 3-4 REL

        Mercedes Updates GLE Models for 2024 Model Year

        Yesterday

        Leave a Reply Cancel reply

        Your email address will not be published. Required fields are marked *

        Share this article:
        © The Detroit Bureau 2023
        • Guides
        • Privacy Policy
        • Terms of Use
        • Affiliate Disclosure
        • Contact Us
        • Sitemap
        Follow Us: