Fisker Inc. is entering into agreements with Magna International Inc. that provide the framework for strategic platform sharing and manufacturing cooperation for the Fisker Ocean SUV.

We chose to leverage the Magna EV architecture after detailed due diligence on several options—and in consideration of our own product and technology strategy. Further, having Magna take such a committed position in the project and our company demonstrates the depth of this cooperation. Combined with our own Fisker developed IP, the new FM29 platform is projected to deliver class-leading range, interior space with third-row seating and overall vehicle performance. These factors, combined with capital investments, Bill of Materials and manufacturing costs, will enable us to deliver the Ocean to market at a starting MSRP of $37,499.

—Henrik Fisker, chairman and chief executive officer of Fisker

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. Magna has decades of experience in vehicle production, having produced more than 3.7 million vehicles of 30 different models.

Magna and Fisker have agreed to work together to continue to develop new technologies that will accelerate innovation across multiple automotive systems and architectures for Fisker vehicles.

Using Fisker-Flexible Platform Adaptive Design (FF-PAD), Fisker’s design, engineering and software teams will integrate Magna EV architecture with the award-winning exterior design of the Ocean. The new FM29 lightweight aluminum-intensive platform is the basis not only for the Ocean—but may also be the basis for future vehicles.