Friday, October 16, 2020

Fisker In Manufacturing Deal With Magna

Los Angeles-based electric vehicle designer Fisker Inc. said on Thursday that it has reached a deal with auto supplier Magna International, where Magna will provide the vehicle platform and build Fisker's upcoming Ocean SUV. According to Fisker, it expects Magna to manufacture the Ocean SUV at its European vehicle assembly facility, starting in Q4 of 2022. As a result of the deal, Fisker said that Magna will be issued warrants to purchase up to 6% of the capital stock of Fisker folowing Fisker's proposed SPAC effort with Spartan Energy Acquisition Corp. The deal values Fisker Automotive at approximately $3 billion. Magna has been manufacturing vehicles for Mercedes-Benz, Jaguar Land Rover, and also retrofits vehicles for Alphabet's Waymo unit.

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