Aston Martin has announced that it intends to create a future that BEV models will eventually dominate. The main question we had was where the company would get EV components for its models. The company has revealed the answer and has killed two birds with one figurative stone by extending its existing partnership with Mercedes-Benz and entering a new partnership with EV maker Lucid Motors.
Lucid To Supply The EV Backbone For Aston’s Green Future
The deal between the two companies will see Aston Martin pay Lucid $232 million in shares and cash, with the upstart firm providing Aston critical components for electric vehicles in exchange. Lucid’s expertise in this area will help Aston Martin in its goals, with the British sports car maker not having much experience in electrification. Lucid’s battery tech has already made the Air EV sedan a potent offering in its own right, and we suspect that some of that magic will also transition over to future Aston Martin models. Familiarity will also be in play here, with Lucid and Aston Martin already being part of the broader umbrella Saudi Arabia’s sovereign wealth fund holds.
Aston Martin CEO Lawrence Stroll said that the agreement would be a game-changer for the company, but it would also be a key piece of Stroll’s broader attempt to turn around the 110-year-old company which has struggled with financial stability and profitability for a large chunk of its history. Aston Martin’s latest attempt to turn things around is to revamp its partnerships with the company, already entering into a supply agreement with Mercedes-Benz for engines and electronics, with models like the Vantage, DBX, and the DB12 all having engines and other Benz-sourced components in them. That particular partnership will continue, but Aston will not give the German car giant additional shares and will instead pay for access to these components with cash.
What’s Next For Aston Martin?
The deal with Lucid will help add a charge to the company’s existing electrification plans, with the company putting the final touches on the Valhalla supercar with the plug-in hybrid slated to be launched next year. The Valhalla will also be a spearhead into electrification, and the company will launch its first all-electric model in 2025 before ultimately adding an electrified option to all of its models over the next few years.
This push will undoubtedly be a key make-it-or-break-it moment for Aston Martin, with the company hoping that customers used to the silky performance of a V12 or even a V8-powered Aston will gravitate towards an all-electric alternative. If they succeed, it will help Aston make a sizable profit while also covering its obligations to Lucid which include paying the company phased cash payments totaling $132 million as well as an extra $10 million for permission to incorporate Lucid’s technology into its vehicles.
Carl Malek has been an automotive journalist for over 10 years. First starting out as a freelance photographer before making the transition to writing during college, his work has appeared on numerous automotive forums as well as websites such as Autoshopper.com.
Carl is also a big fan of British vehicles with the bulk of his devotion going to the Morgan Motor Company as well as offerings from Lotus, MG, and Caterham. When he is not writing about automobiles, Carl enjoys spending time with his family and friends in the Metro Detroit area, as well as spending time with his adorable pets.