Aston Martin Shares Surge After Striking $232 Million Electric Deal With Lucid

Aston Martin Shares Surge After Striking $232 Million Electric Deal With Lucid

Share to Linkedin Shares of Aston Martin were up nearly 12% Monday morning, after the luxury carmaker reached a $232 million deal to enter the electric car market with the help of Lucid Group. An employee looks in the bonnet of an Aston Martin DBX sport utility vehicle (SUV) in the final ... [+] inspection area at the Aston Martin Lagonda Global Holdings Plc factory in St Athan, UK, on Thursday, March 23, 2023. Chris Ratcliffe/Bloomberg California-based carmaker Lucid Group will get a 3. 7% stake in Aston Martin—worth about $232 million—in exchange for providing the company with the electric vehicle powertrain and battery systems needed to take its fleet electric, Reuters reported. The combination of Lucid's existing technology with Aston Martin's "internal development" will build a battery-electric platform for use in "hypercars to sports cars and SUVs," Roberto Fedeli, CTO of Aston Martin, said. Aston Martin Lagonda shares—which trade in London—had jumped 11. 5% by 9:35 a. m. Eastern, and were trading at $365. Shares of Lucid, which counts Saudi Arabia's Public Investment Fund as its main shareholder after a $3 billion stock offering earlier this month, also jumped more than 9% to $5. 98 as of 9:35 a.