Magna to build electric SUV for Fisker and take six per cent stake in the EV startup


The Aurora, Ont.-based auto-parts supplier will start production on the Ocean SUV in 2022. The deal was made under Magna’s European contract-manufacturing business, Magna Steyr. Magna’s stake in Fisker would represent about US$180 million in value. (Business Insider)

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Talking point: The Anaheim, Calif.-based startup’s “asset-light” approach is at odds with other electric-vehicle companies like Tesla and Rivian that have opted to own not just the technology, but the manufacturing side of the supply chain, as well. The deal serves as an example of how some incumbent manufacturers will wade into the fledgling EV sector by teaming up with tech firms rather than designing their own cars from scratch. The Automotive Parts Manufacturers’ Association is angling to do just that: the industry association is creating an all-Canadian EV with various startups and designers, with the aim of having a car maker take the prototype and produce the car itself.