Aston Martin Taps Lucid for EV Expertise; Shares Gain
Aston Martin (AML:UK) announced on Monday that it entered into a long-term strategic and technology supply partnership with Lucid Group (LCID:US), aimed at accelerating its electric vehicle (EV) strategy.
Aston Martin will use Lucid’s expertise, as well as EV powertrain and battery systems in contracts worth in excess of $450 million. The legendary British car maker will receive direct access to Lucid’s EV technology, including powertrain and batteries.
In return, Lucid will receive phased cash payments and Aston Martin shares, which will make the former a shareholder in Aston Martin.
"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," said Peter Rawlinson, CEO, and CTO, Lucid.
Canadian billionaire and owner of Aston Martin, Lawrence Stroll, said that this deal is a “game-changer” for 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."
The Aston Martin partnership is another positive for Lucid, which is set to enter the world’s largest car market – China. The EV luxury company aims at selling its cars in China while also considering setting up a local production facility.
Congress members Zoe Lofgren, Ro Khanna, and Daniel Goldman were all selling LCID shares in recent months. Goldman’s $15,000 - $50,000 worth of sale of LCID shares took place on March 6, when the stock closed at $8.82.
It could be said that the sale was well-timed given that Lucid stock closed at $5.47 on Friday.
