Aston-Martin
Aston Martin will retain access to Mercedes engines and EV technology.
(Photo: REUTERS)
The sports car manufacturer Aston Martin will develop ultra-luxury electric vehicles with the US electric car manufacturer Lucid in the future. As part of the deal, Lucid will acquire a 3.7 percent stake in Aston Martin in exchange for access to Lucid’s “high-performance technology,” the cult brand best known for the James Bond films announced on Wednesday.
Subject to shareholder approval, Aston Martin will issue approximately 28.4 million new common shares to Lucid and make incremental cash payments totaling approximately $232 million. The British company also announced in a separate announcement that it had changed an agreement with Mercedes-Benz, whose technology Aston Martin has previously relied on for its electric cars.
The Stuttgart carmaker is not increasing its stake as planned, but will remain involved with around nine percent. Aston Martin will retain access to Mercedes engines and EV technology.
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