Aston Martin Lagonda Global Holdings Plc hit the accelerator on its electric vehicle ambitions Monday by announcing a new supply agreement with Lucid Group.
Under the agreement, Financial Times said Lucid would receive a 3.7% stake in Aston Martin and receive about £104 million cash payment from the British sportscar maker.
The deal greenlights Aston Martin to source “Lucid’s current and future powertrain and battery technology will be at the center of Aston Martin’s all-new in-house Battery Electric Vehicle (BEV) platform,” the British carmaker wrote in a press release.
“The supply agreement with Lucid is a game changer for the future EV-led growth of Aston Martin. Based on our strategy and requirements, we selected Lucid, gaining access to the industry’s highest performance and most innovative technologies for our future BEV products,” Lawrence Stroll, Executive Chairman of Aston Martin, said.
Lucid Air
Aston Martin will also extend a years-long partnership with Mercedes-Benz for EV parts. This allows Aston Martin to source EV parts from two suppliers.
How much influence did Saudi Arabia’s sovereign wealth fund have in connecting Aston Martin with Lucid? The fund has stakes in both auto manufacturers.
The deal sent Aston Martin shares in the UK higher by as much as 15%.
Lucid shares trading in premarket in New York were up nearly 9%.
“This partnership will represent a landmark collaboration between Aston Martin, a storied marque with a rich history, including winning at Le Mans and its current successes in F1, and the very best of Silicon Valley innovation and technology from Lucid,” Peter Rawlinson, CEO and CTO, Lucid, wrote in a press release.
Tyler Durden
Mon, 06/26/2023 – 13:40
