Magna Steyr Fisker Ocean History

In October 2020, Magna International announced a co-development and manufacturing agreement with the EV startup Fisker Inc., taking a roughly 6 per cent equity stake in Fisker alongside the contract. Magna co-developed the FM29 EV platform and committed its carbon-neutral Graz facility to Ocean production. The first production Fisker Ocean was completed at Magna Steyr in November 2022, meeting the promised launch date.

Volume deliveries ramped through 2023, with approximately 10,000 vehicles delivered before Fisker's cash position collapsed. Magna paused Ocean production in March 2024 and Fisker filed for bankruptcy in June 2024, ending the programme. The episode illustrated both Magna Steyr's readiness to support EV startups and the financial risks inherent in contract-manufacturing relationships with pre-profit clients.