Meet The Fiskers, The Billionaire Power Couple Taking On Tesla

The Fiskers describe the new venture as a “digital car company” that’s outsourcing production instead of building its own factories to hold down costs. Fisker is buying most of its core components–including the batteries and electric motors–from outside suppliers. Parts maker Magna, which also builds vehicles under contract for BMW, Daimler, Jaguar Land Rover and Toyota, formed an alliance with Fisker in October and will build the Ocean at its Graz, Austria, plant. As part of the deal, Magna also acquired a 6% stake in Fisker.

Affordability is a key selling point. The stylish Ocean, unveiled at CES in Las Vegas last January, won’t try to appeal to consumers just on its looks and its heavy use of recycled materials. The five-seater has a base price of just $37,499 (before federal and state incentives that could knock about $10,000 off the purchase price). Though roomier than Tesla’s Model Y crossover, its base price is more than $12,000 cheaper.