Aston Martin, the legendary British sports car company that’s been around for over a century, just inked a new partnership with Lucid, the upstart American EV outfit. According to the proposed deal announced last Thursday, Aston Martin will hand over around $232 million in cash and stock to Lucid in exchange for EV tech and components. Lucid’s set to become a shareholder in Aston Martin, nabbing a 3.7% stake.
Lucid’s cutting-edge EV powertrain and battery systems will power Aston Martin’s pure electric vehicles, with the former hailed as the best EV powertrain on earth. While it’s unclear how this partnership will benefit Lucid, Aston Martin’s fans await a hybrid of the best of both worlds.
Aston Martin has hit double-digit losses in 2022 but hopes to have a sleek new EV ready by 2025, priced at over $240,000. With an average production of 5,200 cars per year, the company has yet to turn a profit. The recent bailout by a Saudi investment fund indicates the carmaker is facing financial challenges.
Aston Martin’s always relied on partnerships to keep them going – they’ve gone belly-up seven times in their century-plus history! While they produce some of the most drool-worthy machines, will hitching their wagon to Lucid finally help them turn the corner?
Lucid’s a U.S. EV maker that also does energy storage and contract manufacturing. Founded back in 2007, they just started delivering their first Air sedan to customers last September. Lucid’s tech is considered the best in the biz, with an EV powertrain that simply can’t be beat.
It’s interesting to note that just last September, Geely, the Chinese automaker, grabbed a 7.6% stake in Aston Martin, joining the ranks of investors trying to jumpstart this British icon.