California-based electric carmaker Fisker is teaming up with Canada-based automotive manufacturing firm Magna International for the development of its new electric sport utility vehicle. Unlike its rival Tesla, Fisker currently doesn't have the capability to manufacture its own vehicles, which is why it has chosen to team up with Magna International.

The Canada-based contractor currently developers and assembles cars for several automakers, including Toyota, Jaguar, BMW and Daimler AG. Under its deal with Fisker, Magna International will work with the electric carmaker to engineer and build its latest fully-electric SUV called the Fisker Ocean.

Magna International already has experience in building electric SUVs as it is currently the manufacturer of Jaguar's iPace electric SUV model. The company also recently landed a similar contract with China's BAIC Group to build its Arcfox α-T electric SUV model.

Under its deal with Magna, Fisker has given the vehicle manufacturer an option to purchase a 6% stake in the company after it goes public. Fisker plans to list its shares on the stock market through a merger with Spartan Energy Acquisition in a deal estimated to be worth $2.9 billion.

In an announcement this week, Magna International said that it has already developed a proprietary electric vehicle engineering architecture that will be used to make Fisker's vehicles. Fisker said in a separate statement that it will be fully in charge of the vehicle interior and exterior design. Through their cooperation, both companies are aiming to build a "unified architecture" that will be the signature platform for all future Fisker vehicle models.

According to Fisker, its upcoming Fisker Ocean SUV will have a range of between 250 and 300 miles for every full charge. It will be equipped with electric motors capable of generating a combined power of more than 300 horsepower, giving it a zero to 60 miles per hour time of just under three seconds.

Fisker plans to offer both an all-wheel-drive and a rear-wheel-drive version of the SUV. The company also said that the vehicle will have a "California Mode," where drivers can open all windows and its sunroof simultaneously with just one button.

The electric automaker plans to begin production of the Fisker Ocean in late 2022. The SUV will have a starting price of $37,499, slightly lower than similar offerings from Ford and Tesla.