Aston Martin just announced a ‘game changer’ deal with Lucid

Lucid Group Inc (NASDAQ: LCID) are up 15% this morning after the EV company announced a new deal with Aston Martin Lagonda Global Holdings PLC (LON: AML).

Aston Martin to pay $132 million in cash to Lucid

On Monday, the Nasdaq-listed firm said Aston Martin had agreed to pay $132 million in cash to access its electric powertrain technology.

Lucid will also get a 3.7% stake in the British luxury automaker. Its CEO Peter Rawlinson said today in a press release:

Aston Martin selected Lucid, recognising profound benefits of adopting its world-leading electric drivetrain tech, exemplified by breakthrough 516-mile EPA-estimated range on Lucid Air Grand Touring.

The said agreement is significant as it will bring some cash to Lucid Group that lost nearly $800 million in its first financial quarter. “LCID” is still down roughly 50% versus its year-to-date high.

Lucid will supply battery components to Aston Martin

The announced deal will also see Lucid supply its battery components to Aston Martin that plans on introducing its first BEV (battery-electric vehicles) around 2025.

Shareholders of the U.K.-based car manufacturer are yet to vote on the long-term partnership with Lucid. According to Lawrence Stroll – its Executive Chairman:

Agreement with Lucid is game changer for future EV-led growth of Aston Martin. We selected Lucid, gaining access to industry’s highest performance and most innovative tech for our future BEVs.

Earlier this month, Lucid Group disclosed plans of raising $3.0 billion via a stock offering as Invezz reported here. “AML” also ended about 10% up on the news today.

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