Aston Martin strikes deal with Lucid over electric car batteries

Under the proposed agreement, the luxury car maker would issue new shares and cash payments worth £182m to the US company.

Car maker Aston Martin has announced it has struck a deal with US company Lucid for the supply of electric vehicle batteries (David Jones/PA) (PA Archive)

Car maker Aston Martin has announced it has struck a deal with US company Lucid for the supply of electric vehicle batteries.

The Warwickshire-based company said Lucid – an electric vehicle manufacturer – will provide powertrain components for “initial and certain future BEV (battery electric vehicle) models”.

Under the proposed agreement, Aston Martin would issue new shares and cash payments to Lucid worth £182 million, making the US-based business a 3.7% shareholder.

The agreement is subject to shareholder approval.

Based on our strategy and requirements, we selected Lucid, gaining access to the industry’s highest performance and most innovative technologies

Lawrence Stroll, Aston Martin

Aston Martin is aiming to launch its first BEV in 2025.

Executive chairman Lawrence Stroll said: “The proposed supply agreement with Lucid is a game-changer for the future EV-led growth of Aston Martin.

“Based on our strategy and requirements, we selected Lucid, gaining access to the industry’s highest performance and most innovative technologies for our future BEV products.

“We will not only leverage the significant investments Lucid has made to develop its world-class technologies, but will also further enhance and differentiate the drive experience through the work Roberto (chief technology officer Roberto Fedeli) and his teams are already developing, aligned with our ultra-luxury, high-performance strategy.”

Sales of conventionally-fuelled new cars and vans will be banned in the UK from 2030.