EV Maker Lucid Rides into EV Partnership With British Car Producer Aston Martin

Electric vehicle maker Lucid Group Inc LCID has entered into a definitive agreement to establish a long-term strategic technology partnership with the British car manufacturer Aston Martin.

The agreement is to integrate and supply Lucid’s electric vehicle powertrain and battery systems in contracts worth in excess of $450 million.

It marks the first such relationship for Lucid Group’s technology arm and will provide Aston Martin access to electric powertrain technology, which is engineered and manufactured by Lucid, to power future Aston Martin battery electric vehicles. 

Lucid will also provide Aston Martin with technical support from integrating its proprietary technology into the electric vehicle platform developed by Aston Martin, as well as the supply of Lucid components.

Also Read: Why Lucid CEO Rawlinson Rejects Joining Tesla’s Charging Standard

Aston Martin will pay Lucid technology access fees for Lucid’s technologies in a combination of Aston Martin shares and phased cash payments, with Lucid becoming a shareholder in Aston Martin.

“In line with its strategy, Aston Martin selected Lucid, recognizing the profound benefits of adopting its world-leading electric drivetrain technology, exemplified by the breakthrough 516-mile EPA-estimated range achieved by the Lucid Air Grand Touring,” said CEO and CTO, Peter Rawlinson.

The two parties will also enter into supply arrangements for Lucid’s powertrain components and systems.

Aston Martin expects to launch its first pure electric model in 2025.

Price Action: LCID shares are trading higher by 7.86% at $5.90 in premarket on the last check Monday.

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