British sports car manufacturer Aston Martin has announced that it will cooperate with Lucid Motors on electric vehicle platform development and electric motor supply. By the agreement, Aston Martin will eventually pay Lucid $232 million in exchange for a 3.7% stake in the company.
Aston Martin, which has been on the agenda many times due to its financial difficulties and even received a serious offer from Geely this year, has no intention of changing hands. Canadian billionaire Lawrence Stroll, the company’s largest shareholder, had partially rejected the Chinese offer and agreed to sell only 7% of his shares a few weeks ago. Geely thus became the company’s third-largest shareholder.
The Saudi Wealth Fund, Aston Martin’s second-largest stakeholder, will support the electrification strategy that would assure its existence. Aston Martin will play a significant role in the realization of American Lucid Motors’ aspirations for electric vehicles thanks to the deal announced today, according to the company, in which the fund owns the majority of the shares.
Aston Martin announced that it will introduce its first entirely electric vehicle in 2025, using both the light, strong, and efficient engines developed by Lucid. Additionally, Aston Martin will work with Lucid Motors to develop the vehicle architecture necessary for the conversion of the whole Aston Martin car lineup to electric.
In addition, with a second statement made a few days ago, it was announced that Mercedes will continue to contribute to Aston Martin in terms of engine and electric vehicle technologies, although it will not increase its 9% share.
