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.
Kia South Africa this weekend rewarded its top-performing dealerships across the country with prizes for outstanding achievements in sales, after-sales and service operations.
Vehicle sales in South Africa got off to a promising start in January, registering a 10.4% increase compared to the same period last year.
Hyundai Automotive South Africa has announced the appointment of Zweli Mnisi (photo) as the new General Manager: Corporate Communications.
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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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Zero Carbon Charge (CHARGE) calls on President Cyril Ramaphosa to use his State of the Nation Address (SONA) on Thursday to announce concrete incentives and plans to accelerate South Africa’s electric vehicle (EV) transition, emphasising the crucial role of charging infrastructure—especially off-grid stations.
Last year, Volvo Car South Africa revealed impressive sales figures for its electric vehicle (EV) line-up. But how did it all start?
When the first motorised vehicle, the Benz Patent-Motorwagen arrived in 1885, people in general did not take it too seriously. It was not considered as an alternative to the trusted horse, horse cart or family-size horse carriage.
