Aston Martin (AML.UK) and Lucid Group (LCID.US) have entered into an agreement in which Lucid, in exchange for a 3.7% stake, will share high-performance technology with the racing giant and support Aston's full transition to electric vehicles. As part of the deal, Aston Martin will make cash payments and issue 28.4 million new ordinary shares to Lucid with a total value of approximately $232 million.
The first electric car from Aston Martin's stable is scheduled to see the light of day in 2025. The partnership with Lucid itself is expected to result in all vehicle models having an electrified version by 2026, with the core car range being fully electric by 2030.
"The supply agreement with Lucid is ground-breaking for Aston Martin's future growth based on electric cars," - Aston Martin's chairman of the board, Lawrence Stroll, said. "We have chosen Lucid based on our strategy and requirements, gaining access to the highest performance and most innovative technology in the industry for our future BEV products."
It is worth noting that this is a landmark agreement for Lucid Group's technology division, which will supply other car manufacturers for the first time ever.
Aston Martin (AML.UK) shares are gaining more than 12% in the face of this news. Lucid (LCID.US) shares are gaining more than 10% before the open of the session. On the W1 interval, AML's stock is currently testing the resistance set by the 100-week exponential moving average (purple curve).Source: xStation 5
