With an eye on securing its future in an all-electric environment, British supercar maker Aston Martin has announced a strategic partnership with electric vehicle (EV) start-up Lucid Motors. Under this arrangement, Lucid will acquire a 3.7 per cent stake in Aston Martin, and will supply ‘select powertrain components’ to the British marque for its upcoming battery-powered models. Along with the components to be supplied, the agreement will also factor in technical support from Lucid in integrating its technology into a bespoke, all-new EV platform developed by Aston Martin, for which Aston will pay Lucid an additional $10m (approximately Rs 82 crore) integration fee.
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Lucid will supply its developed-in-house motors to Aston Martin.
In its statement, Lucid said it was selected by Aston Martin through a ‘competitive process’, and that it will provide its ultra-high performance twin motor drive unit, battery technology, and the built-in ‘Wunderbox’ battery charger based on a 900 V+ architecture. Highlighting the fact that this is the first instance of a legacy car brand enlisting its help with EV tech, Lucid also made a mention of its ‘power-dense electric drive unit specially designed for use in motorsports’, which may also be an option for Aston for one of its motorsport applications.
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Terming the tie-up a “game-changer”, Lawrence Stroll, Executive Chairman of Aston Martin, said Aston now has access to two “world-class” suppliers, as the carmaker gears up to invest over £2 billion (approximately Rs 20,000 crore) in alternate powertrain technologies over the next five years.
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This is the second major EV-related announcement from Aston in the last few months. Recently, Chinese auto giant Geely also raised its stake in Aston Martin to 17 per cent as part of a new long-term agreement, which will provide the British marque with access to Geely’s EV tech and know-how of the Chinese car market.
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Aston's first battery-powered model is slated to debut in 2025.
Aston’s new dedicated EV architecture will spawn hypercars, sports cars, GTs and SUVs, the first of which is set to arrive in 2025. By 2026, Aston Martin says all of its model lines will be available with an electrified powertrain option, and that its ‘core’ model range will be fully electric by 2030.
Uniting Aston and Lucid is a common stakeholder – Saudi Arabia’s Public Investment Fund (PIF). PIF owns over 60 per cent of Lucid, and is the second largest shareholder in Aston Martin. The agreement with Aston Martin effectively helps Lucid at a time when it is facing a liquidity crunch and a price war ignited by market leader Tesla. Lucid’s debut model, the Air sedan, won the 2023 World Luxury Car of the Year award, and is offered in range-topping form with a tri-motor setup producing a cumulative 1,200 bhp.
In a separate (but related) announcement, Aston Martin said it has amended its existing partnership with German carmaker Mercedes-Benz. Sourcing engines and other key components from the German firm at present, Aston was to issue additional shares to Mercedes in exchange for access to future tech, but this will no longer happen. Instead, Aston Martin will explore ‘potential future supply’ of Mercedes’ technology, which it will have to pay for in cash.
