Auto supplier Magna to make Fisker's electric SUV in Europe

Dec 17 (Reuters) - Electric-car maker Fisker Inc said on Thursday Magna International Inc would initially manufacture its Ocean SUV in Europe, finalizing a deal signed with the Canadian auto supplier in October.

The agreement marks Magna’s first entry into contract manufacturing for an electric-vehicle (EV) startup.

As part of the deal, Magna will receive warrants to purchase a stake of up to 6% in the electric-car maker, Fisker told Reuters in October.

Magna’s stake in Fisker is subject to achieving three engineering and production milestones through the planned start of production of the model in November 2022.

Fisker’s Ocean SUV will have a starting price of $37,499. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Ramakrishnan M.)