SPAQ Merger Partner Fisker Signs To Manufacture EV Ocean SUV in Europe
SPAQ stock has been flying high on the expectations of Fisker's production plans
By
Robert Lakin, InvestorPlace Contributor
Oct 15, 2020, 10:58 am EDT
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Electric vehicle (EV) maker Fisker has signed a deal with Magna International (NYSE:MGA) to cooperate on manufacturing of the battery-powered Fisker Ocean SUV, Magna said in a release.
Magna will be the Ocean’s exclusive manufacturer in Europe. The companies will combine Magna’s EV architecture with Fisker’s Flexible Platform Adaptive Design to create the vehicle’s platform.
Fisker plans to start production in fourth-quarter 2022. As part of the agreement, Fisker will issue Magna warrants to purchase shares representing about 6% of its equity.
Earlier this month, InvestorPlace.com contributor Muslim Farooque wrote that, “Fisker has talked a big game, but it needs to prove itself in the next few months before investors should get serious about it.”
Article printed from InvestorPlace Media, https://investorplace.com/2020/10/spaq-stock-merger-target-fisker-signs-to-make-ev-ocean-suv-in-europe/.