Aston Martin announced last year that it plans to produce its first fully electric model by 2025. Saudi Arabia’s Public Investment Fund is the largest shareholder in Lucid and the second-largest in Aston Martin, after billionaire chairman Lawrence Stroll. Chinese automotive conglomerate Geely, which owns Volvo and Lotus, among other brands, doubled its stake in Aston Martin last month to about 17%. And Lucid will take a 3.7% stake in Aston Martin as part of the newly announced arrangement.
Most of its competitors are part of global auto giants such as Volkswagen Group, which owns Bentley; and BMW, which owns Rolls-Royce. Those brands can rely on the purchasing power and technology of their parent companies. Aston Martin’s deals with other automakers can help it gain some of the benefits of the sort of technology-sharing its competitors have.
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Aston Martin turns to US EV company Lucid for high-tech helpAston Martin has reached a deal that will give U.S. electric vehicle (EV) maker Lucid Group a 3.7% stake in return for access to its 'high performance' technology, the British company said on Monday, sending its shares up nearly 15%.
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