Aston Martin to make use of Lucid tech for brand new electrical automotive platform

Aston Martin goes electrical, however — because of a Saudi connection — it’s going to get some assist from American EV startup Lucid.

In a single day the 2 automakers introduced Aston Martin will use “Lucid’s present and future powertrain and battery expertise” for the brand new EV platform the British sports activities automotive model is creating as a part of a brand new “strategic provide settlement” and “long-term relationship”.

This “bespoke” EV structure is claimed to underpin the corporate’s “complete future electrified mannequin vary; from hypercars to sports activities automobiles, GTs and SUVs”. The primary automotive on this platform has a goal launch date of 2025.

It’s unknown at this stage whether or not Aston Martin is planning to steer with an electrical sports activities automotive or one thing extra sensible. 

The corporate will proceed to develop automobiles on current architectures in the meanwhile, with a plug-in hybrid due in 2024, and the Valhalla hypercar now scheduled for 2026. Aston Martin is aiming to have its “core vary” totally electrified by 2030.

In keeping with Automotive News, as a part of at present’s new partnership Aston Martin will situation round 28 million new shares to Lucid, giving the American agency a stake of about 3.7 per cent within the British agency.

Aston Martin has additionally agreed to pay Lucid “in extra” of US$450 million ($673 million). These funds will probably be made in phases, and the full determine features a lump sum, in addition to money for drivetrain elements, batteries, electronics, and consulting and technical companies.

The 2 automakers say the brand new partnership was born out of a “aggressive course of”, however it needs to be famous Saudi Arabia’s Public Funding Fund (PIF) owns stakes in each Aston Martin and Lucid.

Lucid just lately obtained a recent injection of money from PIF as a part of a US$3 billion ($4.5 billion) fund-raising spherical, and it continues to wrestle ramping up manufacturing of its Air electrical sedan.

Presently Aston Martin has a technical partnership with Mercedes-Benz, with the German agency supplying engines, drivetrain expertise, and electrical elements for numerous automobiles.

Aston Martin says Mercedes-Benz will proceed to provide internal-combustion engines, and expertise for upcoming hybrids and EVs. Nevertheless, Aston Martin will now pay in money for these things, and Mercedes-Benz is not planning to extend its shareholding past its present 9.0 per cent.

Mercedes-Benz purchased into Aston Martin in 2013, properly earlier than Canadian billionaire Lawrence Stroll and his Yew Tree consortium took management of the sports activities automotive agency in early 2020.

The share register of Aston Martin obtained a significant shakeup when Geely doubled its shareholding to round 17 per cent in Could this yr, making the Chinese language agency the third largest shareholder behind Yew Tree and PIF.