In a bid to catch up with the growing trend of electric vehicles (EVs), Aston Martin has joined forces with Lucid, a renowned electric vehicle manufacturer. This partnership aims to provide Aston Martin with access to Lucid's electric know-how and expertise, allowing the British automaker to develop a new dedicated platform for a wide range of future models, including sports cars, grand tourers, SUVs, and even a hypercar to surpass the iconic Valkyrie. The first Aston Martin EV is expected to hit the market in 2025, marking the brand's official entry into the world of electrification.
The collaboration between Aston Martin and Lucid entails a long-term partnership, with Aston Martin utilizing specific powertrain and battery components provided by Lucid. This strategic agreement aligns with Aston Martin's ambitious "Racing. Green." sustainability strategy, which involves an investment of over £2 billion ($2.54 billion) within the next five years. The ultimate goal is for all Aston Martin cars to offer an electrified powertrain option by 2026, while the core models are slated to become pure EVs by the end of the decade.
Aston Martin Chairman, Lawrence Stroll, emphasizes that the partnership with Lucid goes beyond simply adopting their technology. The objective is to adapt Lucid's cutting-edge technology to align with Aston Martin's "ultra-luxury, high-performance strategy." As a glimpse into the potential future of Aston Martin's EV lineup, Lucid's Air Sapphire model serves as a reference point. The Air Sapphire boasts a tri-motor setup generating over 1,200 horsepower, propelling the vehicle from 0 to 60 mph in under two seconds and achieving a top speed exceeding 200 mph.
In addition to the collaboration with Lucid, Aston Martin's separate agreement with Mercedes will remain in place. The existing partnership with the German luxury brand will continue, granting Aston Martin access to technologies applicable to future combustion-engined cars, as well as hybrids and EVs. This dual approach allows Aston Martin to pursue a comprehensive product strategy, catering to the evolving demands of both traditional and electric powertrain enthusiasts.
The collaboration with Lucid not only marks a significant step forward for Aston Martin in the electric vehicle market but also involves Lucid becoming a stakeholder in the company. Reports suggest that Lucid will acquire a 3.7% share in Aston Martin, with phased cash payments amounting to approximately $232 million. Furthermore, Aston Martin's shareholder landscape has recently witnessed changes, with Chinese automotive giant Geely doubling its stake in the company to 17%. Mercedes has also expressed its commitment to increasing its share to 20% by the end of 2023.
Sources: Aston Martin, Reuters
