Aston Martin struck a strategic supply agreement for high performance EVs that will see the U.S.-based Lucid Group getting a roughly 3.7 percent stake in the U.K. automaker.
As part of the agreement, Aston Martin will issue about 28.4 million new ordinary shares to Lucid, which will also get phased cash payments, totaling an aggregated value of approximately $232 million.
The two automakers have a common shareholder in Saudi Arabia’s Public Investment Fund.
Access to Lucid’s current and future powertrain and battery technology will be at the center of Aston Martin’s all-new in-house EV platform, Aston Martin said in a statement on Monday.
“Combined with our internal development, this will allow us to create a single bespoke BEV platform suitable for all future Aston Martin products, all the way from hypercars to sports cars and SUVs,” Aston Martin’s Chief Technology Officer, Roberto Fedeli, said in the statement.
The shift to electric is phenomenally costly, with automakers globally committing around $1.2 trillion to the low-emission technology. Smaller automakers such as Aston Martin are more reliant on partnerships to make the transition.