Authorization

Auto supplier Magna will take a 6% stake in Fisker and build the electric-car startup's first vehicle, the $37,499 Ocean SUV

Auto supplier Magna will take a 6% stake in Fisker and build the electric-car startup's first vehicle, the $37,499 Ocean SUV

Fisker has a deal with Magna to build the Ocean SUV, the first of three planned EVs.
Fisker




Fisker, Inc. announced a deal in which Magna, the world's largest contract automaker, to take a 6% stake in the EV startup.




Magna will also build Fisker's first vehicle, the Ocean SUV, scheduled for a 2022 production start.




According to Fisker CEO and founder Henrik Fisker, the Magna partnership will let Fisker, Inc. bring the Ocean to market for a $37,499 price.




Fisker expects to complete a reverse-merger IPO deal at the end of October, valuing the company at nearly $3 billion.




"The big news here is that Magna has skin in the game," Henrik Fisker said in an interview with Business Insider.




Visit Business Insider's homepage for more stories.


Fisker, Inc. has a new deal with a familiar name in the auto industry, Canada-based Magna International.The electric-car startup, founded by Henrik Fisker in 2016, announced the partnership on Thursday. This deal builds on a memorandum of understanding under which Fisker will use Magna's European contract-manufacturing arm, Magna Steyr, to build its first vehicle, the Ocean SUV, slated for a 2022 launch.As part of the deal, Magna has the option to take a 6% equity stake in Fisker that would represent approximately $180 million in value when Fisker completes a $3 billion reverse-merger with Spartan Energy Acquisition Corp. at the end of October.Spartan was formed by Apollo Global Management, a large private-equity firm, and decided to merge with Fisker in July. That deal would give Fisker about $1 billion to bring the Ocean to market.
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Апрель 2021    »
ПнВтСрЧтПтСбВс
 1234
567891011
12131415161718
19202122232425
2627282930