- The partnership is aimed at accelerating Aston Martin’s electrification strategy and fostering long-term growth
- Lucid will provide Aston Martin with its advanced EV powertrain and battery systems
- Aston Martin aims to launch its first fully electric model in 2025
The choice for luxury EVs is about to get even better, as Lucid Group has entered a technology partnership with Aston Martin, marking the first such collaboration for Lucid’s technology division.
This substantial agreement, estimated to be worth over $450 million, will accelerate Aston Martin’s high-performance electrification strategy and spur long-term expansion. Something fans of the brand will no doubt be delighted to see.
The technology deal
Based in Newark, California, and known for its luxury EV, the Lucid Air, Lucid Group will supply its advanced EV powertrain and battery systems to Aston Martin, an iconic British car manufacturer. Aston Martin will gain direct access to Lucid’s state-of-the-art technologies, including its high-performance twin motor drive unit, acclaimed battery technology, and the revolutionary Wunderbox system.
Aston Martin’s payment for access to this technology will include a blend of its own shares and phased cash installments, making Lucid a stakeholder in the automaker. The two companies will also enter into supply arrangements for Lucid’s powertrain components and systems, further strengthening their cooperation.
A huge step for luxury EVs
The partnership emerges as part of Aston Martin’s strategic initiative to enhance its EV portfolio and position itself for growth in the expanding EV market. Lucid’s technology will enable Aston Martin to develop a custom all-new electric vehicle platform.
Peter Rawlinson, CEO and CTO of Lucid, says: “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.”
Lawrence Stroll, Executive Chairman at Aston Martin, adds that the agreement is a “game changer” for the future EV growth of the company. He also noted that Lucid was chosen after a competitive selection process due to its high performance and innovative technologies.
The strategic alliance underscores Lucid’s commitment to sharing its advanced EV technology and aiding Aston Martin’s aim of launching its first fully electric model in 2025. The deal’s consummation is subject to the approval of Aston Martin’s shareholders, as well as the receipt of required regulatory approvals.
This news highlight’s Lucid’s commitment to technology and making it available to others to enable them to move to an electric future. For Aston Martin, this leans into their sustainability goals as set out in their Racing. Green. Campaign.
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SOURCE | IMAGES: LUCID MOTORS, ASTON MARTIN
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