that it has signed agreements with Fisker Inc. that provide the framework for a platform sharing and manufacturing cooperation for the Fisker Ocean SUV. Fisker, an e-mobility automaker, announced plans to start production in the fourth quarter of 2022. The Fisker Ocean will initially be manufactured exclusively by Magna in Europe. The vehicle will leverage Magna’s EV architecture combined with the Fisker-Flexible Platform Adaptive Design to create a lightweight, aluminum intensive platform for the Fisker Ocean.
As part of the cooperation, Fisker will issue Magna warrants to purchase shares currently representing approximately 6% of its equity.