Lucid Motors (NASDAQ:LCID) is beginning a new partnership with luxury sports car manufacturer Aston Martin for its upcoming EV lineup.
Aston Martin has confirmed it will be buying at least $225 million in powertrain components, per Car and Driver.
Lucid Motors will be paid $132 million in cash for its expertise and will also be given a 3.7 percent stake in Aston Martin worth another $100 million.
By 2025, Lucid Motors will be supplying much of the technology for Aston Martin’s forthcoming range of fully electric models.
The deal included both the AMG-sourced V-8 engines and Mercedes electronic architecture that Aston is already using, but also made provisions for a deeper agreement that would see Aston’s future EV models being based on Mercedes expertise.
That prospect has effectively ended with the new Lucid deal, although the existing Mercedes-Benz partnership for pure combustion and hybrid powertrains will continue.
Aston first tried to build an EV with the RapidE sedan nearly 10 years ago.
The forthcoming triple-motor Lucid Air Sapphire is set to have more than 1200 horsepower, but Lucid Group CEO Peter Rawlinson confirmed at the Aston briefing that the deal is actually for the company’s next-generation electric-motor technology.
Aston CTO Roberto Fedeli said that Aston is working on what will become its own scalable EV platform that is set to feature similar bonded aluminum construction to the technique that underpins the company’s combustion models.
Lucid will supply both the twin rear motors and the compact battery cell technology that will allow low packs to be created to suit Aston’s sleek designs.
LCID stock surged to $6.24 on Monday before ending the trading day at $5.55.
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