Auto CEOs more confident about industry prospects
The confidence of chief executives of automotive companies about the outlook for the new-vehicle market over the next six months has improved significantly.
- Industry News
- 11 September 2024
On the eve of its foray into the electrical vehicle (EV) market, Aston Martin has opted for US start-up Lucid Group for assistance with battery technology.
Reuters reported that on 26 June, Aston Martin announced that the company had reached a deal that will give US EV maker, Lucid Group, a 3.7% stake in the company in return for access to its "high performance" technology.
Subject to shareholder approval, Aston Martin will issue about 28.4 million new ordinary shares to Lucid Group. It will also make phased cash payments to Lucid totalling about $232 million.
The high costs of migrating to EVs have forced many smaller carmakers such as Aston Martin to become more reliant on partnerships to make the transition.
Aston Martin plans its first EV in 2025 and until now had leant on Mercedes as its “big brother” to provide the technology it needs.
In a separate announcement on the same day, Aston Martin said it had amended an agreement with Mercedes-Benz meaning the German carmaker would not increase its stake as planned but will maintain around 9% in Aston Martin and continue to provide it with access to engine and EV technology.
The agreement with Lucid, meanwhile, will give "access to Lucid's industry-leading technology for its (battery electric vehicles) BEVs, including electric powertrains and battery systems".
Lucid and Aston Martin have a common shareholder in Saudi Arabia's Public Investment Fund (PIF). The Saudi wealth fund became Aston Martin's second-largest shareholder last year.
PIF is also Lucid's main shareholder.
The confidence of chief executives of automotive companies about the outlook for the new-vehicle market over the next six months has improved significantly.
The lack of access to the complete history of a vehicle from the Cradle to the Grave is hindering efforts by industry players to establish transparency and disclosure in the market and open the doors to a safer mobility solution.
The newly appointed Jetour South Africa Vice President, Nic Campbell (photo), says that the brand is poised to establish a new standard of excellence in the local automotive industry.
Advertisement
Advertisement
I have bad reflexes. I was once run over by a car being pushed by two guys
Woody Allen
BMW plans to launch its first-ever series production of fuel-cell electric vehicles (FCEV) in 2028, thereby offering customers an additional all-electric powertrain option with zero local emissions in a BMW.
At the Automechanika CEO Breakfast, the continent and the approach and opportunities of New Energy Vehicles (NEV), specifically Electric Vehicles (EV) come under the spotlight and the spectrum of business opportunities that goes hand in hand with this.
Zero Carbon Charge signed a formal MOU with the Northern Cape Economic Development Trade and Investment Promotion Agency (NCEDA) to drive the roll-out of off-grid, ultra-fast EV-charging stations for the Northern Cape.