The luxury all-electric Air sedan maker Lucid Group will supply Aston Martin with powertrain components for future electric vehicles, the companies announced Monday. The iconic British luxury automaker plans to launch an EV in 2025.
Lucid can now supply and diversify its revenue streams with the agreement.
Lucid has missed revenue targets due to delivery issues and low demand for its luxury EVs. Lucid laid off 18% in March.
This year, the startup introduced a motorsports-specific electric drive unit. A startup
Aston Martin will pay Lucid in installments and give the startup a 3.7% stake, or 28,352,273 ordinary shares. Shares and cash should total $232 million.
Lucid will help Aston Martin integrate its electric powertrain technologies, including its twin motor drive unit, battery technology, and Wunderbox onboard charging unit.
“Combined with our internal development, this will allow us to create a single bespoke BEV platform suitable for all future Aston Martin products, all the way from hypercars to sports cars and SUVs,” said Aston Martin chief technology officer Roberto Fedeli.
Mercedes-Benz engines and technology power Aston. Geely increased its Aston equity stake by 17%.
“Along with Mercedes-Benz, we now have two world-class suppliers to support the internal development and investments we are making to deliver our electrification strategy,” said Aston Martin executive chairman Lawrence Stroll. “With the recently announced long-term partnership with Geely, we will also gain access to their range of technologies and components, as well as their deep expertise of the key strategic market of China.”
Aston Martin will reveal new production targets on Tuesday.