Wednesday, June 19, 2024
NewsAston Martin and Lucid reach an agreement

Aston Martin and Lucid reach an agreement

  • Lucid now owns 3,7 % of Aston Martin.

  • The small American firm will share its EV technology with Aston Martin.

  • This agreement makes sens for both brands.


 

Aston Martin has reached an agreement with small American manufacturer Lucid Motors. With this agreement, the creator of the Lucid Air acquires approximately 3.7% of the British automaker’s shares, thanks to the issue of 28.4 million of these, valued at around US$ 232 million.

Supported by Saudi Arabia’s Public Investment Fund, the two luxury automakers are naturally keen to work together, to give Aston Martin, which is lagging in this area, access to electric technology and batteries.

Lucid Air | Photo: Matt St-Pierre

On the other hand, Aston Martin is already said to have a new EV platform designed for electric technology. This architecture will unsurprisingly be adapted to the brand’s future vehicles, from exotics to SUVs, because the DBX won’t be the brand’s only utility vehicle.

Aston Martin plans to unveil its future range later this summer, which will include a pure electric vehicle. As for the plug-in hybrid Valhalla hypercar, this mid-range option is now expected somewhere in 2024.

This agreement between Aston Martin and Lucid demonstrates once again that the shift to electric power is no easy task for the smaller players in the automotive industry. Even if Aston Martin has a rich history and still inspires fans of exotic cars, the Gaydon, England-based manufacturer’s cash reserves are not infinite, a comment that also applies to Lucid which, despite its top-of-the-range Air sedan, has not yet established itself as a manufacturer capable of facing up to the challenges of a carmaker at the dawn of the electric era.

Then again, simply pairing electric technology with Aston Martin’s expertise could prove beneficial to both brands. Lucid Motors has already proved itself capable of designing a well-built luxury sedan and fast. The mix could very well be amazing.

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