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 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
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.
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.
Reserve Your Fisker Ocean
You can reserve your Fisker Ocean or PEAR by visiting https://fiskerinc.com/reserve. Use referral code DDK87H.
Join The Club
Show your support and unlock access to exclusive members-only benefits by joining the Club today.
Fiskerati Mobile Apps
Connect with Fiskerati
Questions? Content Ideas? Partnerships? Have a tip?
Reach out – we are new and open to collaboration. Get in touch by sending an email to [email protected].
Get our free weekly newsletter This Week In Fisker direct to your email inbox!
Connect with Fisker enthusiasts on Fiskerati Forums to ask questions and discuss topics about the Fisker Ocean, PEAR, and RŌNIN supercar.