Aston Martin uses Lucid technology for new EV platform

Aston Martin will run on electricity, but – thanks to Saudi connectivity – it will get help from US EV startup lucid.

Overnight, the two automakers announced Aston Martin will use “Lucid’s current and future battery and powertrain technology” for the new EV platform that the British sports car brand is developing such as part of a new “strategic supply agreement” and “long term relationship”.

This “custom-made” electric vehicle architecture is said to be the foundation for the company’s “entire line of future electric vehicles; from supercars to sports cars, GTs and SUVs.” The first vehicle on the platform has a target launch date of 2025.

At this stage, it remains unclear whether Aston Martin intends to lead the way with an electric sports car or something more practical.

The company will continue to develop vehicles based on existing architectures for the time being, with a plug-in hybrid due in 2024 and the Valhalla supercar now scheduled for 2020. 2026. Aston Martin is aiming to fully electrify its “core line” by 2030.

Based on auto newsAs part of today’s new partnership, Aston Martin will issue approximately 28 million new shares to Lucid, giving the American company a stake of approximately 3.7% in the British company.

Aston Martin also agreed to pay Lucid “in excess” of $450 million ($673 million). These payments will be made in stages and the total includes a one-time payment as well as cash for powertrain parts, batteries, electronics and services. consulting and engineering.

The two automakers said the new partnership was formed from a “competitive process”, but it should be noted that the Saudi Arabia Public Investment Fund (PIF) owns shares of both Aston Martin and Lucid.

Lucid recently received a fresh round of cash from PIF as part of a $3 billion ($4.5 billion) funding round, and it continues to struggle to ramp up production. its Air electric car model.

Currently, Aston Martin has a technical partnership with Mercedes-Benz, the German company that supplies engines, powertrain technology and electrical components for various vehicles.

Aston Martin says Mercedes-Benz will continue to provide internal combustion engines and technology for upcoming hybrids and EVs. However, Aston Martin will now pay for these items in cash, and Mercedes-Benz no longer plans to increase its shareholding beyond the current 9.0%.

Mercedes-Benz bought Aston Martin in 2013, before Canadian billionaire Lawrence Stroll and his Yew Tree group took control of the sports car company in early 2020.

Aston Martin’s share register received a huge shock when Geely double shares to about 17% in May of this year, making the Chinese company the third largest shareholder after Yew Tree and PIF.