Aston Martin turns to US EV company Lucid for high-tech help
June 26 (Reuters) – Aston Martin (AML.L) has reached a deal that will give US electric vehicle (EV) maker Lucid Group (LCID.O) a 3.7% stake in return for access to its “high performance” technology, the British company said on Monday, sending its shares up nearly 15%.
Under the agreement, Aston Martin will make cash payments and issue 28.4 million new ordinary shares to Lucid, worth together about $232 million.
The shift to electric is phenomenally costly, with carmakers globally committing around $1.2 trillion to the low-emission technology. Smaller carmakers like Aston Martin are more reliable on partnerships to make the…