Fisker shares rose, following news that Magna International would produce its electric vehicles.
As part of the agreement, Fisker's electric Ocean SUV is expected to start production at Magna facility in Graz, Austria, starting Nov. 17, 2022. The Graz facility has produced more than 3.7 million vehicles for several global automakers.
Fisker is expecting Ocean’s starting list price to be $37,499 in the U.S., excluding electric vehicle-related subsidies, and below €32,000 ($38,200) in Germany (including taxes and EV-related subsidies).
"Our asset-lite model, reinforced by partners like Magna, is powering Fisker towards its planned delivery of the Ocean with features and functions exceeding our original aspirations," said Fisker.