Posted on June 26, 2023
Luxury British sports car manufacturer, Aston Martin, is accelerating its plans to build the world's most electrifying and highly sought-after performance electric vehicles (EVs) through a long-term partnership with American EV startup, Lucid.
Under the agreement, Lucid will provide Aston Martin with cutting-edge EV powertrain and battery systems, which includes its high-performance twin motor unit, advanced battery technology, and Wunderbox charging system. These components are currently used in Lucid's flagship model, the Lucid Air Grand Touring, which has an estimated EPA range of 516 miles. The deal, which could be worth over $450 million, aligns with Aston Martin's 'Racing Green' sustainability strategy, which involves a planned investment of over $2.5 billion (£2 billion) over the next five years to transition from internal combustion engines to EV technology.
Aston Martin's executive chairman, Lawrence Stroll, described the deal as a game-changer and indicated that the company would leverage Lucid's significant technological advancements to differentiate its ultra-luxury, high-performance vehicles further. As part of the deal, Lucid will become a shareholder in Aston Martin, marking Lucid's first supply deal of its kind and potentially paving the way for broader adoption of its technologies.
Aston Martin is also expanding its partnership with Mercedes-Benz, which will continue to provide a range of powertrains for its future EVs. This development follows the announcement of a long-term partnership with Geely, which recently doubled its stake in Aston Martin to 17% and plans to provide various EV technologies and strategic growth insights for the Chinese market.
According to Robert Fedeli, chief tech officer at Aston Martin, the agreement with Lucid will play a pivotal role in their electrification strategy, allowing Aston Martin to develop a single, bespoke battery electric vehicle (BEV) platform suitable for all future models, including sports cars, SUVs, and hypercars. Aston Martin plans to launch its first EV in 2025, with a vision to offer a fully electrified core range by 2030.
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