Elon Musk's automaking upstart Tesla (TSLA 2.74%) continues to "bestride the narrow world like a colossus" in the words of Shakespeare's "Julius Caesar," at least where higher-end electric vehicles (EVs) are concerned. But recent developments suggest that another, newer upstart -- Fisker (FSR 3.87%) -- might have a shot at the budget to mid-price EV market.

While it still hasn't put any of its electric car designs into the garages or driveways of consumers, its recently agreed-to alliance with Magna International (MGA 0.70%) bodes well for getting into large-scale production on schedule. This makes it stand out from many of today's electric vehicle start-ups, whose future product rollouts often seem based more on hope and speculation than nuts-and-bolts factory planning. Here are two other reasons Fisker is electrifying investors with its plans.

An orange Fisker Ocean parked on a clifftop overlooking the sea, showing its solar panel roof.

Image source: Fisker, Magna International.

1. Fisker is offering some attractive features and pricing

Among electric cars, Fisker's vehicles, such as the flagship Ocean SUV, boast features possibly giving them an advantage over some other speculative upcoming offerings. The Ocean's solar roof, designed to increase range and efficiency by supplementing the normal charge, is likely a more intuitive, obvious benefit from a purchaser's standpoint and thus may be a superior selling point compared to Lordstown Motors' (RIDE -0.74%) wheel-mounted electric motors, as just one example.

Other details, such as interior carpeting made from plastic bottles recycled from the ocean (hence the Ocean moniker), could provide product differentiation appealing to its target environmentally conscious market

In the sphere of pricing, its SUV's under-$40,000 retail price point makes it more affordable for a younger demographic interested in environmental causes, along with potentially wider appeal in developing countries. Aiming at providing even thriftier options, Fisker inked a deal with Taiwanese electronics manufacturer Foxconn Technology Group (FXCNF 9.82%) in May to make an under-$30,000 five-passenger electric vehicle under the umbrella of Project PEAR (Personal Electric Automotive Revolution).

CEO Henrik Fisker says the vehicle will represent a new design type, remarking that "with stunning design and innovation, we are rethinking the car, both in terms of proportions, design, interior functionality and connected user experience." Fisker wants to start selling the vehicle in 2023, bringing facilities online that will eventually enable making 250,000 units annually. If successfully launched, this will move Fisker even deeper into budget EV sales.

One final possible marketing coup by Fisker is arranging for Pope Francis to receive an all-electric papal transport vehicle -- a custom-built Ocean SUV with an enclosed cupola for the pontiff to use during public appearances, to be delivered in 2022. Henrik Fisker visited the Vatican to secure the Pope's agreement to the vehicle's construction, though the press release is unclear about whether the Holy See is purchasing the vehicle or if Fisker will build it for free.

As Elon Musk has demonstrated repeatedly with Tesla, showmanship and bold gestures can be an excellent way to build an EV company's value alongside technology and range. An electric "Popemobile" made by Fisker will certainly give the company name prominent exposure in worldwide news. It could even potentially provide a marketing boost in the still largely Catholic countries of Central and South America, along with some European nations.

The Fisker Popemobile with cupola.

Image source: Fisker.

2. Its pact with Magna International is likely a winning combo

One of Fisker's biggest advantages is its alliance with electric vehicle component maker Magna International. A multi-billion-dollar company moving strongly into critical EV part production, Magna owns a 7% stake in Fisker, which amounts to an endorsement of Fisker's future prospects. The relationship goes far beyond a passive stake, however.

Management for Magna and Fisker shook hands on a manufacturing agreement on June 17. The pact is currently scheduled to last for eight years, beginning with the launch of Fisker Ocean production in November 2022 and continuing through 2029. Henrik Fisker remarked that his company's "asset-lite model, reinforced by partners like Magna, is powering Fisker toward its planned delivery of the Ocean with features and functions exceeding our original aspirations."

Using Magna's facilities will help Fisker in several ways, including providing a shortcut around the time-consuming process of setting up its own factories, and keeping costs controlled to continue its financial viability.

A follow-up press release on June 30 provided more details on how Ocean production will start at Magna's Graz, Austria, factory. That facility has already churned out 3.7 million other vehicles for Magna's other clients, making it much more likely Fisker will manage to produce the first Ocean SUVs on schedule.

Henrik Fisker said the "countdown clock show[s] 506 days" as of June 30 before the first vehicles roll off the assembly line, with an initial batch of 1,500, though Magna's factories can make 240,000 complete vehicles yearly.

Manufacturing capacity isn't the only thing Magna is bringing to the table, however. According to a January press release, Magna is working with Fisker to develop a unique ADAS, or Advanced Driver Assistance System, for the Ocean. Developing and building ADAS units for electric vehicle companies is one of Magna's areas of specialty.

The system for the Ocean is equipped with digital imaging radar, which Magna claims will be the first of its kind in use. It provides high-speed tracking of numerous objects and may be used eventually in autonomous vehicles. The system should help the Ocean with navigation, collision avoidance, and safety, adding more value from the Magna deal.

The Foolish takeaway

Though Fisker is certainly a risky company to invest in compared to Tesla, it appears to have secured manufacturing capacity sufficient to bring its Ocean and additional projects to market in the 2022 to 2023 period. With affordable price points and features such as its rooftop solar panels and Magna's ADAS system thrown in, along with a distinctive eco-friendly approach, Fisker may well succeed in turning many of its 20,000-odd pre-orders into actual sales, earning up to a potential maximum of $760 million from this source.

Its partial ownership by Magna, and long-term manufacturing agreement, means Magna's strength helps support Fisker's eventual success. It's even possible Magna might eventually acquire Fisker, bringing the pluses of both companies together under one roof.

Though it may take a year or two, Fisker's future looks bullish, and if you're willing to take on some risk and are interested in investing in electric car stocks, this company could prove to be a major growth stock in the fairly near future.