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.
Volvo Car South Africa (VCSA) is closing Transport Month with a historic milestone in electric mobility: the EX30 Cross Country has become the first fully electric vehicle (BEV) to successfully ascend Sani Pass, one of South Africa’s most iconic and demanding mountain routes.
The name tells the story – Basadi Automotive Group. Basadi, the Sesotho word for women, was chosen by a woman who, against all odds but with an unwavering belief in God, decided in 2018 or so to go it alone in the male-dominated automotive industry.
Stellantis has announced a new collaboration with NVIDIA, Uber Technologies Inc and Foxconn to explore the joint development and future deployment of *Level 4 (driverless) autonomous vehicles for robotaxi services worldwide.
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You can't buy happiness but you can buy cars and that's kind of the same thing.
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Volvo Car South Africa (VCSA) is closing Transport Month with a historic milestone in electric mobility: the EX30 Cross Country has become the first fully electric vehicle (BEV) to successfully ascend Sani Pass, one of South Africa’s most iconic and demanding mountain routes.
BYD says the arrival of the Sea Lion 5 marks another milestone in the manufacturer’s mission to help solve South Africa’s energy and mobility challenges, not just selling vehicles.
BYD (Build Your Dreams) is rapidly expanding its footprint in South Africa with a series of major investments aimed at accelerating the country’s transition to electric mobility.
