Fisker Signs Binding Agreement With Magna - Magna International (NYSE:MGA)

Electric vehicle manufacturer Fisker Inc FSR has signed a binding agreement for manufacturing with Magna International Inc MGA, a Canadian mobility technology company.
The agreement finalizes the framework established between the two companies beginning in Oct. 2020, along with deals on electric vehicle (EV) platform sharing and the Advanced Driver Assistance System (ADAS) package.
Fisker and Magna also confirmed that production of the all-electric Fisker Ocean SUV is projected to start on Nov. 17, 2022, at Magna’s manufacturing facility in Graz, Austria.
The Fisker Ocean SUV will use a version of a Magna-developed electric vehicle architecture modified by Fisker to create the FM29 platform, and in the process, create new intellectual property.
This agreement will cover planned volumes, manufacturing costs, and quality metrics over the program’s lifecycle through 2029.
Ocean SUV will enter the market at a starting MSRP of $37,499 in the United States and below €32,000 in Germany.
“We continue to strengthen our partnership beyond platform development and manufacturing into areas such as the development of Fisker Intelligent (FI) Pilot,” said Henrik Fisker, Chief Executive Officer.
Price action: FSR shares are trading higher by 2.54% at $18.21 on the last check Thursday.