(London) British luxury carmaker Aston Martin on Monday announced “a strategic supply agreement” with U.S.-Saudi electric vehicle maker Lucid to create “ultra-luxury, high-performance electric vehicles”, according to a statement. .
The announcement sent Aston Martin stock soaring 10% to 360.07 pence around 5:45 a.m. (Eastern time) on the London Stock Exchange.
According to the agreement, still subject to the approval of Aston Martin shareholders, Lucid will notably supply the manufacturer with electric powertrain and battery systems, for a payment totaling approximately $232 million, part of which in shares of the British group. which will total 3.7% of the free float.
James Bond’s favorite brand has accumulated disappointments since its failed IPO in London at the end of 2018. Saved from bankruptcy in early 2020 by Canadian billionaire Lawrence Stroll, the company is now seeking to evolve even further towards the very high end and to begin the shift towards electrification.
The agreement with Lucid gives Aston Martin “access to the most efficient and innovative technologies in the industry”, said Lawrence Stroll, chairman of the board of directors, quoted in the press release.
“With Mercedes-Benz,” another group partner, “we now have two world-class suppliers to support the internal development and investments we are making to implement our electrification strategy,” he adds.
The brand plans to launch its first plug-in hybrid next year and plans to have an electric motor option on all its new models by 2026.
Aston Martin also unveiled in May a partnership with the Chinese automotive group Geely, which injected 234 million pounds and became the group’s third largest shareholder after the Saudi fund Public Investment Fund and the Yew Tree consortium led by Lawrence Stroll, the first shareholder.
Lucid is majority owned and controlled by Public Investment Fund.
Monday’s announcement “is the latest in a series of strategic initiatives designed to make the iconic British carmaker better suited for the modern age”, following a partnership with Geely that already gave it “access to technologies and to the components” it needs and to strengthen its presence in China, according to Russ Mould, analyst at AJ Bell.
Aston Martin announced in early May a reduced loss in the first quarter to 73.8 million pounds against 112 million pounds a year earlier, thanks in particular to a positive exchange rate effect.
