Fixer ties up with Magna to build their electric Ocean SUV

Fixer Inc.’s prospects of turning its battery-powered Ocean crossover vehicle into reality are far better. A Los Angeles startup led by luxury car designer Heinrich Ficker has joined auto engineering heavyweight Magna in a broad partnership to begin its construction in two years.

Self-described “digital car company” Fisher has said it will outsource ocean production instead of building its plant to keep costs down for months. The production announcement comes ahead of shares listed on the New York Stock Exchange through a SPAC merger this month. Magna, which assembles vehicles under contract for BMW, Daimler, Jaguar Land Rover and Toyota, will build its plant in Graz, Austria.

“The decision is to have a very deep, strategic partnership with Magna,” explains Heinrich Fischer. Forbes. “It also includes Magna, which takes a 6% equity stake in Fisher and is responsible for the creation of the Magna Fixer Ocean, which is still on target planned in Q4 2022. And includes using Magna’s EV architecture and platform is.”

Securing an experienced production partner who can supply key components, engineering services, and even crash-testing, with over $ 1 billion combined Fisker through its stock listings and other fundraising Raised, employs the startup to get its battery-powered SUV. Market relatively fast. Whether consumer demand in the US and Europe, where the oceans would first be sold, meet Fisher’s target of 50,000 units in 2023 remains unknown.

Unveiled at CES in Las Vegas in January, the stylish, electronics-rich Ocean has a BMW 5-Series interior, but a base price of $ 37,500 – less than half what the cheapest Tesla is
The model goes for x. It can be leased for a minimum of $ 379 per month.

Fixer says the low-cost approach, which specifically avoids the $ 1 billion cost of building the plant – will allow it to be positive by 2023 as soon as possible. Magna’s 6% stake is in exchange for engineering and production services and foreign exchange. t includes cash investment.

Swami Kotagiri, president of Magna International, said, “We are very pleased to work with Fixer on such an exciting sustainable product and bring additional opportunities for this collaboration.” “This is a great example of our strategy to leverage our strong portfolio to meet future mobility needs and utilize our full vehicle engineering and manufacturing capabilities.”

Fixer Inc. is the second attempt by a Danish-born designer to succeed a premium electric car company that has styled premium cars for BMW, Aston Martin, and eventually became a Tesla model, by Elon Musk to work on its early versions at Tesla Was brought s. His first effort, Fischer Automotive, eventually filed for bankruptcy in 2013 despite a mind-blowing plug-in hybrid, initial VC funding and $ 527 million in low-cost federal loans ($ 193 million of which was used) went. A difficult experience, but one that informs Heinrich Fischer’s approach with Fixer Inc.

“You learn more from failure than success, but I will succeed,” he says. “Sometimes you need to fail to understand what those fine things are, the unique things you need to do to succeed.”

His first startup was not a “well-oiled machine” and scrambled to solve technical glitches, battery flaws and supplier problems while trying to get his own American plant to produce. With the new Fixer Inc., the focus is vehicle design, software, a user app and sales and service – Magna Handling Vehicle Engineering and Manufacturing. “We’re going to learn more about Apple’s approach
And Foxconn. “

Another major change: A decade ago, the supply base for electric vehicles for batteries and parts was small. The current rapid pace of development of the EV industry has, to a large extent, been dramatically changed the supply base by Tesla, creating new startup opportunities for many companies to source batteries, motors and critical components. Fixer has not yet identified which company will supply lithium-ion cells for its battery packs.

“I told investors from the beginning, ‘We are not there to prove to the world that we can build a better car than Toyota or anyone else,” Fisker says. “We are here to prove that you can have such amazing vehicles in the market that are emotional and durable.”


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