- 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.
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- Fisker will be merged into Spartan Energy Acquisition Corporation (NYSE:SPAQ) later this year.
- 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.”
