Startup California-based car brand Fisker Inc. has struck a deal with automotive contract manufacturer Magna International Inc. to manufacture the Ocean SUV in Europe starting in late 2022, the companies announced Thursday.
The partnership is similar to the one Nikola Motors agreed to with General Motors in September for the Badger pickup but has not yet closed following the departure of Nikola CEO Trevor Milton under allegations of fraud.
Fisker, the second automaker founded by car designer Henrik Fisker following the bankrupt Fisker Automotive, is in the process of going public through a merger with Spartan Energy Acquisition Corp., and the deal with Magna includes warrants for it to purchase 6% of the company if certain milestones are met.