Aston Martin partners with EV maker Lucid, extends Mercedes pact

Aston Martin partners with EV maker Lucid, extends Mercedes pact

Aston Martin Lagonda Global Holdings is tying up with Lucid Group on electric vehicle technology, uniting the storied British carmaker and relative newcomer both backed by Saudi Arabia’s sovereign wealth fund. Aston Martin will issue new shares to Lucid and make cash payments totalling $232m in exchange for battery-electric powertrain components, the company said in a statement Monday. The UK manufacturer also extended longtime cooperation with Mercedes-Benz Group, though it will no longer issue more shares to the German company that already owns a roughly 9 per cent stake. The announcements sent Aston Martin shares surging as much as 15 per cent, their biggest intraday jump in more than a month. “The proposed supply agreement with Lucid is a game changer for the future EV-led growth of Aston Martin,” Chairman Lawrence Stroll said in a statement. “Based on our strategy and requirements, we selected Lucid, gaining access to the industry’s highest-performance and most innovative technologies for our future BEV products.” Stroll, 63, is three years into an effort to turn around the British car manufacturer with a long history of financial trouble. Aston Martin has needed several capital raises since he threw the company a lifeline in early 2020, the