Lucid Motors strikes deal to energy Aston Martin’s future lineup of EVs

Lucid Motors will provide powertrain know-how to Aston Martin for the British model’s future lineup of electrical autos, the 2 firms introduced Monday. The deal brings collectively two firms with deep ties to motorsports, in addition to model identities centered on efficiency luxurious.

Below the deal, Lucid will provide Aston Martin with its electrical motors and batteries which have been used to energy the California-based firm’s solely mannequin, the Lucid Air sedan. Aston Martin will then take that know-how and plug it into its personal bespoke EV fashions. Lucid CEO Peter Rawlinson hailed the deal as “a landmark collaboration.”

Aston Martin, an iconic British luxurious automotive model with wins in Le Mans and F1 underneath its belt, plans to launch its first plug-in mannequin, the mid-engine hybrid Valhalla, in early 2024, adopted by a pure battery-electric car (BEV) the next yr. The entire firm’s fashions will likely be hybrid or BEV by 2026 and purely electrical by 2030.

Lucid’s dual-motor Air has distinguished itself within the crowded luxurious EV market with its long-range and high-performance specs. The $154,000 Air GT, for instance, features a 112kWh battery that may put out 819 horsepower and propel the car to 60 mph in about two seconds. The bottom mannequin Air has an EPA vary of over 500 miles — although it’s been discovered to get barely much less in testing.

Below the settlement, Aston Martin can pay a “know-how entry payment” of $232 million to Lucid, comprising $100 million in shares of the British firm and “mixture money funds” of $132 million. Aston Martin may even decide to an “efficient minimal spend” with Lucid on powertrain elements of $225 million.

Each firms have had their respective monetary difficulties. Aston has survived seven bankruptcies all through its 110-year historical past, whereas Lucid has seen its inventory value plummet since going public in 2021. The corporate, which is majority owned by Saudi Arabia’s Public Funding Fund, lately introduced a $3 billion inventory sale amid its quickly dwindling money stockpile.

Till lately, Aston Martin has relied on Mercedes-Benz as its know-how companion, however these phrases seem like altering. In a separate announcement on Monday, the corporate mentioned the German auto big wouldn’t be growing its stake in Aston however would as a substitute be sustaining its 9 p.c possession.