Fisker has tentative deal for Magna Steyr to build its electric SUV in Austria

Europe

Electric carmaker Fisker, which recently announced plans to go public through a merger with a so-called blank-check company, said on Friday it has a tentative deal for Canadian auto supplier Magna International to build its Ocean electric SUV.

Fisker said in a statement that it expects to reach a definitive agreement “in the next few months” to have Magna Steyr start production of the Fisker Ocean at its Graz, Austria, plant as early as the fourth quarter of 2022.

A Magna spokesman confirmed the memorandum of understanding, but declined further comment.

Fisker added the companies were “also evaluating manufacturing options for the United States and China.”

Spartan Energy Acquisition Corp., backed by alternative investment manager Apollo Global Management, announced a deal last month to take Fisker public through a merger that valued the EV startup at $2.9 billion. The deal is expected to close in the fourth quarter.

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