Get To Know Magna, the Company Building Fisker Ocean

Magna Steyr Assembly Plant

Fisker has partnered with Magna to build the Fisker Ocean. We’re going to take a closer look at the automotive manufacturer.

Today, we’re taking a look at Magna. This is the company building the Fisker Ocean. If you aren’t familiar with Magna, Fisker partnered with the automotive manufacturer in 2020 to produce the Fisker Ocean. They did this instead of building their own CO2 neutral factory. It is part of Fisker’s unique asset-light approach. This allows Fisker to focus on design, development, and the sale of electric vehicles. As part of their partnership, Fisker issued Magna warrants to purchase roughly 6% of ($FSR) shares in its company.

“We are creating a future of limitless mobility. We are driving the industry, enabling our partners, and reaching levels of vehicle performance and sustainability we never thought possible. The value we bring is grounded in our agility, our expertise, and our ability to find a better way forward. We do this like no one else can.”

Swamy Kotagiri, CEO, Magna

Magna at a glance

Magna Steyr
Magna’s CO2 neutral manufacturing facility in Graz Austria.

Magna is headquartered in Ontario, Canada. It is a publicly traded company listed on the New York Stock Exchange. It has a market cap of $17.75 billion.

As of last year, the company had over 50 customers and generated $36.2 billion in sales. The company employs over 158k team members with 343 manufacturing facilities in 28 countries.

The automotive company has over 60 years experience in designing, engineering, and manufacturing parts for original equipment manufacturers (OEMs). Magna is the fourth largest automotive parts supplier in the world. The company supplies parts for all leading OEMs. Its largest customers are BMW, Daimler, General Motors, Stellantis, Ford and Volkswagen.

Magna takes a systems approach to design, engineering and manufacturing. The company has complete vehicle engineering and contract manufacturing expertise through its subsidiary Magna Steyr. Magna Steyr’s Graz factory is the largest location owned by the company. It is also the only factory worldwide where complete vehicles are produced.

Magna’s Business Segments

Fisker Ocean Finishing Line at Magna Steyr
Magna Steyr Parts Supplier and Automotive Manufacturer.

Magna operates its business in four segments. This includes Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.

Firstly, the Body Exteriors & Structures segment provides body and chassis, roof systems, and battery enclosures to name a few.

Secondly, the Power & Vision segment provides electric drive systems, motors, inverters, onboard chargers, advanced driver assistance systems and sensors, and auxiliary lighting products, modular and textile folding roofs among others.

Thirdly, the Seating Systems segment offers seat structures, mechanism and hardware solutions, foam and trim products.

Lastly, the Complete Vehicles segment includes vehicle engineering and manufacturing services. Magna also designs, engineers, and manufactures tooling products.

Automotive Manufacturing

Magna Steyr Visit Fisker Ocean Parts
Magna Steyr Parts Supplier and Automotive Manufacturer.

In addition to being a parts supplier, Magna also manufactures vehicles for some of the top automotive companies in the world. In fact, at the Graz factory, the company has produced more than 3.7 million vehicles to date.

For example, Magna Steyr has produced the BMW 5 series, BMW Z4, Jaguar E-PACE, Jaguar I-PACE, Toyota GR Supra, and Mercedes-Benz G-Class to name a few.

Vehicles at Magna Steyr in Graz, Austria are completely built from start to finish. The company uses high volume assembly robots. For example, this is the same CO2 neutral factory where the Fisker Ocean will initially be manufactured exclusively by Magna. Both Fisker and Magna will be delivering a high-quality vehicle on time which starts production on November 17, 2022. Fisker plans to ramp up production of the Fisker Ocean at Magna to 7,500 units/month in the second half of 2023.

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2 thoughts on “Get To Know Magna, the Company Building Fisker Ocean

  1. Excellent. Fisker needs to get 50 Oceans touring car shows, both large and small, in every state in the US. People want to see, touch, and engage with it. 50 Oceans, 50 drivers, and a couple managers keeping them busy and in the public eye. Lots of recognition, fast. Relatively inexpensive as well.

  2. Tony you are spot on. Too many employees at Fisker. 10 years of Karma & nothing to show for it. Fiskee has already failed once. I tried to buy a Red Karma convertible. Henrik said No. .
    Fisker should have produced 2 million cars by now. Only 1?
    Payment up front?
    Fisker lives in Fantasyland.
    Great design.
    F for business plan.
    I have a winning biz plan
    When do we meet Henrik?
    John Patrick Maginnis [email protected] 310.500.8609 Executive VP Business Development Phoenix Group Enterprises PO Box 6452 Malibu California 90264-6452

What are your thoughts?