Aston Martin to use Lucid Motors's EV tech in supply, share deal

Aston Martin has formed a beneficial partnership with Lucid Group, an American company specializing in high-performance electric vehicles. In this agreement, Lucid will obtain approximately 3.7% ownership of Aston Martin through the issuance of around 28.4 million new ordinary shares. The main advantage for Aston Martin in this strategic supply agreement is gaining access to Lucid’s advanced powertrain and battery technology. This technological expertise from Lucid will play a central role in developing Aston Martin’s own EV platform which is currently under development. The transition to electric vehicles is an expensive endeavour, with car manufacturers globally investing approximately $1.2 trillion in low-emission technology. Companies like Aston Martin depend on partnerships to navigate this shift successfully. To secure access to Lucid’s advanced technology, Aston Martin has agreed to make payments amounting to $132 million. Furthermore, there will be an additional payment of $10 million made by Aston martin for the integration of Lucid’s technology into their vehicles. #technology #development #electricvehicles #investing #partnerships #automotiverecruitment   Source:https://europe.autonews.com/automakers/aston-martin-and-lucid-agree-ev-deal