How Aston Martin was drawn into the Saudis’ electric car masterplan

How Aston Martin was drawn into the Saudis’ electric car masterplan

It appears to be an elegant solution to a very expensive challenge. On Monday, Aston Martin struck a deal with the US car company Lucid to buy its batteries, motors and drivetrains – saving the relatively small British company from the multi-billion pound challenge of developing its own versions. While bigger companies such as Porsche owner Volkswagen are spending huge sums on the switch to electric cars, Aston, the thinking goes, will be able to secure a supply of what it needs to end its reliance on petrol for a fraction of the price. Shares in Aston jumped 11pc after the deal was announced. As Aston finance boss Doug Lafferty puts it: “They’ve spent billions. We’re spending a couple of hundred million dollars to access that”. He said the agreement was like a “library card” to give the business as many parts as required. For now, many of the specifics remain under wraps. Sales targets, prices and whether Aston Martin will simply electrify familiar brands or launch new models are among the details yet to be revealed. A battery-powered SUV version is, however, understood to be close to the top of the list. However, one thing is clear. The deal