Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Aston Martin agrees deal to make electric vehicles with US firm Lucid

by June 26, 2023
June 26, 2023
Aston Martin agrees deal to make electric vehicles with US firm Lucid

Aston Martin has struck a deal with the US firm Lucid to start making “ultra-luxury high-performance electric vehicles” from 2025.

The British luxury carmaker, whose losses more than doubled last year to almost £500m, has struck a cash and shares deal valued at £182m in which Lucid will take a 3.7% stake in London-listed Aston Martin.

The carmaker, which sold 6,400 luxury vehicles last year and has spent heavily on new models, said it would select powertrain components from Lucid for initial and certain future battery electric vehicle (BEV) models.

The company said the deal, which involves a minimum spend of £177m with Lucid, would help drive its plan to launch its first BEV in 2025.

“Combined with our internal development, this [deal with Lucid] 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,” said Roberto Fedeli, Aston Martin’s chief technology officer.

Mercedes-Benz holds a 9.4% stake in Aston Martin as part of a long-term strategic deal that includes technology sharing and representation on the British carmaker’s board.

Industry analysts have for several years queried how smaller carmakers such as Aston Martin would cope with the expensive move to electric-powered vehicles and increasing demands for digital technology without being owned by a larger car group, as is the case with VW-owned Bentley or BMW-owned Rolls-Royce.

“The proposed agreement with Lucid is a gamechanger for the future EV-led growth of Aston Martin,” said Lawrence Stroll, the executive chair of Aston Martin, the fashion billionaire who took over the troubled company in 2020. “Along with Mercedes-Benz, we now have two world-class suppliers to support the internal development and investments we are making to deliver our electrification strategy.”

Last month, Geely, one of China’s largest independent carmakers, doubled its stake in Aston Martin to 17%.

In February, Nissan announced it was to take a stake of up to 15% in Renault’s flagship electric vehicle unit as part of a new long-term deal designed to repair relations in the troubled 24-year alliance between the two global automotive makers.

Read more:
Aston Martin agrees deal to make electric vehicles with US firm Lucid

0
FacebookTwitterGoogle +Pinterest
previous post
London fintech Treasuryspring raises $29m to grow cash investment platform
next post
HMRC fined 184,000 low earners for not filing return despite no tax owing

You may also like

Labour’s Landmark Victory: A Blueprint for AI Regulation...

July 5, 2024

Top 5 UK Property Features Buyers Want

April 17, 2025

Tips for Protecting Your Ageing Parents

October 28, 2022

What to Consider When Investing in Property Management...

September 29, 2024

Amazon-iRobot deal scrapped after EU competition challenge

January 31, 2024

FCA to investigate the treatment of PEPs by...

September 6, 2023

Midlands hit hardest in economic ‘perfect storm’

June 19, 2023

UK Entrepreneurs unite to help business owners succeed...

September 12, 2022

ASA Raps Huel’s Knuckles Over Misleading Advert

February 20, 2023

Alan Shearer Foundation receives £23,500 boost from Agilico’s...

October 14, 2024

Labour’s Landmark Victory: A Blueprint for AI Regulation...

July 5, 2024

Top 5 UK Property Features Buyers Want

April 17, 2025

Tips for Protecting Your Ageing Parents

October 28, 2022

What to Consider When Investing in Property Management...

September 29, 2024

Amazon-iRobot deal scrapped after EU competition challenge

January 31, 2024

FCA to investigate the treatment of PEPs by...

September 6, 2023

Midlands hit hardest in economic ‘perfect storm’

June 19, 2023

UK Entrepreneurs unite to help business owners succeed...

September 12, 2022

ASA Raps Huel’s Knuckles Over Misleading Advert

February 20, 2023

Alan Shearer Foundation receives £23,500 boost from Agilico’s...

October 14, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • US Embassy in Israel tells government employees, families to shelter in place amid Iran strikes

      June 15, 2025
    • Week Ahead: NIFTY May Continue Showing Resilience; Broader Markets May Relatively Outperform

      June 15, 2025
    • Netanyahu calls on Iranian citizens to seize ‘opportunity’ for regime change

      June 15, 2025
    • Israel’s actions against Iran create strategic opportunity for US in nuclear talks, experts say

      June 14, 2025
    • Israel strikes at the heart of Iran’s nuclear ambitions in Isfahan offensive

      June 14, 2025
    • Time for Israel to take out ‘head of the snake,’ target members of Iranian regime, says former IDF intel chief

      June 14, 2025

    Categories

    • Business (8,213)
    • Investing (2,035)
    • Politics (15,652)
    • Stocks (3,148)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved