Aston Martin has reached an agreement with US firm Lucid to produce high-performance electric vehicles (EVs) starting in 2025.
The British luxury carmaker, which experienced significant losses last year, has secured a cash and shares deal worth £182 million.
As part of the agreement, Lucid will acquire a 3.7 percent stake in Aston Martin.
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The carmaker, known for selling 6,400 luxury vehicles in 2020, plans to incorporate powertrain components from Lucid into its initial and future battery electric vehicle (BEV) models.
The deal, requiring a minimum spend of £177 million with Lucid, will support Aston Martin’s goal to launch its first BEV by 2025.
Roberto Fedeli, Aston Martin’s chief technology officer, said in conjunction with internal development, the collaboration with Lucid will enable the creation of a bespoke BEV platform suitable for a range of Aston Martin products.
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Mercedes-Benz already holds a 9.4 percent stake in Aston Martin through a strategic partnership.
The agreement with Lucid marks a significant step for Aston Martin’s EV-focused growth, providing added support for its electrification strategy alongside Mercedes-Benz.
Aston Martin’s shares rose by 10 percent following the announcement, contributing to the company’s overall market value increase of nearly 80 percent in the past year.
