Aston Martin announced on Monday that it has reached an agreement with Lucid Group, a U.S. electric vehicle (EV) manufacturer. As part of the deal, Lucid will receive a 3.7% stake in Aston Martin in exchange for access to the British company’s “high performance” technology.
To fulfill the agreement, Aston Martin will provide cash payments and issue 28.4 million new ordinary shares to Lucid, with a combined value of approximately $232 million.
Lucid was chosen by Aston Martin following a rigorous evaluation process, with Lucid’s exclusive electric powertrain technology, encompassing the twin motor drive unit, advanced battery technology, and the innovative “Wunderbox” charging unit, being incorporated.
This integration will enable enhanced capabilities such as torque vectoring, state-of-the-art heat exchanger technology, and a higher power capacity battery system.
In the past, Aston Martin looked to Mercedes-Benz for technical assistance, viewing them as a guiding influence. However, as Aston Martin prepares to introduce its inaugural electric vehicle in 2025, the company has turned to Lucid for a strategic collaboration in obtaining the essential technology.
On the same day, Aston Martin made a separate announcement regarding an update to its agreement with Mercedes-Benz. Instead of raising its ownership stake in Aston Martin as originally planned, the German carmaker has decided to retain its current 9% ownership.
In addition, Mercedes-Benz will continue providing Aston Martin with access to their engine and electric vehicle technology. The partnership with Lucid will enable Aston Martin to utilize Lucid’s advanced technology, specifically in battery electric vehicles (BEVs), encompassing electric powertrains and battery systems.
Aston Martin has set a target for all its new models to have an electrified version by 2026, and by 2030, the company aims to transition its entire core vehicle lineup to fully electric.