Lucid and Aston Martin join forces to drive electric vehicle innovation
Lucid and Aston Martin have joined forces in a collaborative effort to drive innovation in the realm of electric vehicles.
Luxury automaker Aston Martin has announced a partnership with Lucid Group, a prominent U.S. electric vehicle manufacturer. Under this collaboration, Lucid will provide powertrain components for Aston Martin's forthcoming electric vehicle models, which are scheduled for launch in 2025.
Lucid and Aston Martin join forces to drive electric vehicle innovation
This agreement holds significant importance for Lucid, as it represents a new opportunity for the company to expand its revenue streams by serving as a supplier. Lucid has faced challenges in meeting delivery expectations and generating sufficient demand for its high-end electric sedans. The company's revenue performance has been consistently disappointing, leading to a workforce reduction of 18% in March.
Earlier in the year, Lucid Group introduced a variant of its electric drive unit specifically tailored for motorsports applications. As part of their agreement, Aston Martin will provide Lucid with phased cash payments and grant the startup a 3.7% ownership stake, equivalent to approximately 28,352,273 ordinary shares. The total value of these shares and cash payments is estimated to be around $232 million.
In return, Lucid will offer technical assistance to Aston Martin, aiding the integration of Lucid's electric powertrain technologies into Aston Martin's vehicles. This includes incorporating Lucid's twin motor drive unit, battery technology, and onboard charging unit known as the Wunderbox.
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