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Aston Martin Joins With Lucid in Saudi-Backed EV Partnership
Aston Martin Lagonda Global Holdings Plc is tying up with Lucid Group Inc. on electric vehicle technology, uniting the storied British carmaker and relative automotive newcomer both backed by Saudi Arabia’s sovereign wealth fund.
Aston Martin will issue new shares to Lucid and make cash payments totalling $232 million in exchange for battery-electric powertrain components, the companies said Monday.
The announcements sent Aston Martin shares soaring as much as 15 percent, their biggest intraday jump in over a month, while Lucid advanced as much as 9.1 percent in premarket US trading.
“The proposed supply agreement with Lucid is a game changer for the future EV-led growth of Aston Martin,” Chairman Lawrence Stroll said in a statement.
